Golden Ocean to buy two Pipavav built ice-classed panamax vessels

28 May 2013 (Last Updated May 28th, 2013 18:30)

Golden Ocean has entered into an agreement with an unnamed shipowner to purchase a pair of resale ice class Panamax vessels built by Indian shipbuilder Pipavav Defence & Offshore Engineering Company (Pipavav).

Golden Ocean has entered into an agreement with an unnamed shipowner to purchase a pair of resale ice class Panamax vessels built by Indian shipbuilder Pipavav Defence & Offshore Engineering Company (Pipavav).

The first vessel is scheduled to be delivered in June 2013, with the second expected to be delivered during the second half of the year.

As part of the deal, the seller has extended a 30% seller’s credit to Golden Ocean for each vessel, which will be repaid over three years in equal instalments every January, with the first instalment to be paid six months following the vessel’s delivery at the earliest.

The company has also secured regular bank financing of 65% of the contract price, so the initial cash payment for 2013 is limited to 5% of the purchase price for each of the vessels.

According to Golden Ocean, the vessels were initially not part of its construction programme at the yard and have been purchased from undisclosed third parties.

The vessels, to be named Golden Pearl and Golden Diamond, will join as the eighth and ninth ice-class Panamax vessels in Golden Ocean’s fleet.

Bermuda-based Golden Ocean mainly operates in the Capesize and Panamax market segments, and it currently has six bulk carriers between 60,000dwt and 74,500dwt in its newbuild programme.