Golden Ocean to Buy Vessels at Lower Price

15 July 2010 (Last Updated July 15th, 2010 18:30)

Golden Ocean Group has settled an arbitration dispute with Pipavav Shipyard, with the ship builder agreeing to sell six Panamax vessels for $31m each, 12% less than it had agreed to pay in 2007. The company ordered the 75,000t vessels to sell them to Britania Bulk for $352.8m, but the

Golden Ocean Group has settled an arbitration dispute with Pipavav Shipyard, with the ship builder agreeing to sell six Panamax vessels for $31m each, 12% less than it had agreed to pay in 2007.

The company ordered the 75,000t vessels to sell them to Britania Bulk for $352.8m, but the company went bankrupt.

Golden Ocean will now add the vessels to its own fleet with the first ship due by the end of 2010, according to financialexpress.com.