View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
May 28, 2013

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

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).

By admin-demo

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.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Ship Technology