GOGL -Sale of Golden Shadow and Long term time charter contracts
(Thomson Reuters ONE) -
Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to
advise that the Company has entered into an agreement to sell the panamax vessel
"Golden Shadow" with delivery in December 2010. The Company has also fixed out
three of its ice class Panamax newbuildings on long term time charter contracts
to industrial counterparties. Golden Ocean has in addition fixed out the Panamax
vessel "Golden Heiwa" for two years.
Golden Ocean has entered into an agreement to sell the 1997-built Panamax vessel
"Golden Shadow" at MUSD 26.7 less 2 % commission with delivery in December
2010. The vessel is currently on bareboat charter from Ship Finance
International Limited ("Ship Finance") with purchase option, and the Company has
agreed to buy the vessel from Ship Finance at a cost of MUSD 21.5.
The vessel was bought in 2006 for 28 MUSD and has been contributing positively
to Golden Oceans result since then. The vessel is sold now as part of our effort
to renew the fleet and the Company utilizes the momentum now where second hand
prices are favorable to the newbuilding prices.
Golden Ocean will report a gain on sale of assets of 2.1 million on this
transaction. Due to IFRS requirements the figures from Golden Shadow Inc. has
been consolidated into the Company's accounts and the amount of MUSD 4.8
reported under minority interest in Equity will be reversed, and recognized as a
loss on other financial items at the time of delivery of the vessel.
Two ice class Panamax vessels from Jinhaiwan (74,500 dwt) have been fixed for
five years at a daily time charter rate of $ 16,988 /day net. The contract also
includes two optional years, where year one has a rate of $ 17,469 /day net and
year two has a rate of $ 18,047 /day net.
One ice class Panamax vessel from Pipavav (74,500 dwt) has been fixed out for
five years at a daily time charter rate of $ 16,787 /day net. In addition the
charterer has one optional year at a daily time charter rate of $ 17,281 /day
net.
"Golden Heiwa" is fixed out for two years at a daily time charter rate of $
20,900 /day net.
These fixtures reflect the current chartering strategy and further strengthen
the Company's cash position going forward. With more or less the entire new
building fleet fixed out on long term time charter contracts, Golden Ocean has a
solid basis for further growth should market opportunities arise.
November 9, 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#1460320]
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
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Golden Ocean Group via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 09.11.2010 - 07:00 Uhr
Sprache: Deutsch
News-ID 48543
Anzahl Zeichen: 3703
contact information:
Town:
Hamilton
Kategorie:
Business News
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"GOGL -Sale of Golden Shadow and Long term time charter contracts"
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