GOGL - Restructuring at Jinhaiwan
(Thomson Reuters ONE) -
Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to
announce that it has succeeded in restructuring the newbuilding programme at
Zhoushan Jinhaiwan Shipyard Co., Ltd. ("Jinhaiwan").
This relates in particular to the six Kamsarmax vessels that previously have
been structured in single purpose companies and the Capesize newbuilding called
Golden Nantong. Due to Jinhaiwans's commitment to Golden Ocean and our good
relationship, the Company has agreed to build four of the six SPC Kamsarmax
vessels. The last two of the six Kamsarmax vessels have been converted into ice
class Panamax vessels. Furthermore, it has been agreed to build two more
iceclass Panamax vessels. Finally, it has been agreed that Golden Nantong will
have a new contract price more in line with today's market level. The total cost
of the nine newbuildings is USD 339.5 million, of which USD 74.9 million has
already been paid in by the Company in 2007 and 2008.
The Board is satisfied with this transaction, which enables the Company to
utilise the paid in cash in the six SPCs and demonstrates Golden Ocean's
commitment to future growth. The Company is considering different sources of
funding and is confident that they will obtain sufficient financing for the
newbuildings.
The aforementioned vessels were impaired by USD 16.8 million in the Company's
accounts for 2008. The Company has based on testing of the vessel values and
contracts concluded to reverse this impairment in the third quarter of 2010.
The Company has at the same time entered into an agreement to fix out the four
Kamsarmax vessels. Two vessels are fixed out for 10 years on bareboat charter.
The agreed daily bareboat rate is USD 13,300 / day net. Two vessels are fixed
out for 5 years on time charter. The agreed daily time charter rate is USD
19,950 / day net. In addition there are profit share agreements on all four
contracts that will give Golden Ocean 50 % of the income above USD 23,000 / day.
Herman Billung, CEO in Golden Ocean Management AS, says in a comment: "We are
very pleased with the conclusion of this new deal. The restructuring of the
Jinhaiwan agreement is significantly increasing the net asset value of the
Golden Ocean shares compared to the Companies earlier commitments. The
combination of the restructuring with the charter agreement for four of the
vessels reduces the risk in the transaction going forward, while the market
related exposure on the charters gives potential upside to the Company. The
total deal confirms Golden Ocean's strategy to grow the company through low risk
transactions with strong focus on shareholder value creation, including a high
dividend capacity going forward."
September 17, 2010
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
Contact Persons:
Herman Billung: CEO, Golden Ocean Management AS
+47 22 01 73 41
Birgitte Ringstad Vartdal: CFO, Golden Ocean Management AS
+47 22 01 73 53
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1444998]
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
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originality of the information contained therein.
Source: Golden Ocean Group via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 17.09.2010 - 07:50 Uhr
Sprache: Deutsch
News-ID 42700
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contact information:
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Kategorie:
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"GOGL - Restructuring at Jinhaiwan"
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