GOGL - Sale of vessel and long term time charter contract
(Thomson Reuters ONE) - Golden Ocean Group Limited ("Golden Ocean" or the "Company") hasagreed to get released from the bare boat agreement for the 1994built Panamax vessel "M/V Golden Joy" against purchasing the vesselfor $10.7 million.Simultaneously the Company has agreed to sell the vessel for net saleproceeds of $16 million. Delivery to the buyers will take place inOctober 2009.The transaction will give a negative result of $4.1 million, but willhave a positive cash effect of $3.8 million. The result will berecorded in the fourth quarter of 2009. The vessel is due for drydocking this year but is sold on an "as is" basis. Golden Joy is thelast of the 5 vessels under the deal with Clipper Bulk Shipping Ltd.Golden Ocean is further pleased to advise that the Company hasutilized the recent strength in the dry bulk market and fixed out ontime charter the Panamax vessel M/V Mulberry Paris (76,450 dwt,built 2004). The vessel will be delivered to the Charterer at the endof this month for a two years time charter contract.The agreed daily time charter hire is $18.100 less 5% totalcommission. The vessel is on a long term time charter contract toGolden Ocean at $9.500 per day. The agreed time charter agreementfurther reduces the company's cash break even costs for its opentonnage and secures $5 million in additional net income over thecharter period.Both transactions are in line with the outlined strategy communicatedduring the last quarterly report, where the Company stated that itwill continue to add cover for open capacity. Further the Companywill focus on a modern and homogenous fleet with lowest possiblerunning costs.Hamilton, BermudaAugust 28, 2009Contact Persons:Herman Billung: CEO, Golden Ocean Management AS+47 22 01 73 40Geir Karlsen: CFO, Golden Ocean Management AS+47 22 01 73 53This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.08.2009 - 08:54 Uhr
Sprache: Deutsch
News-ID 5223
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