This Bermuda-based company provides a range of leading international dry bulk shipping services through its fleet of 78 vessels, which does include leased vessels with long-term contracts.
Dividend payment!
Golden Ocean Group Limited (Nasdaq and OSE: GOGL) (âGolden Oceanâ or the âCompanyâ), one of the worldâs largest listed dry bulk shipowners, today announces the sale of two older Panamax vessels, Golden Opportunity and Golden Endurer, and an agreement to construct four Kamsarmax vessels.
The aggregate sale price of the vessels is $37.2 million, and the Company expects to record gain from sale of approximately $4.9 million in Q3 2021 and $5.0 million in Q4 2021 and receive net cash proceed of approximately $22.2 million in Q4. The net cash proceeds will fund close to half of the estimated required equity for the Kamsarmax vessels. The balance will be funded through cash on hand and long-term debt financing to be secured closer to delivery.
The four Kamsarmax vessels are 85,000 dwt ECO-type and are being constructed at the leading Chinese shipyard where the Company currently has three vessels under construction with the same design, giving added benefits in terms of building supervision and subsequently operating efficiency for sister vessels. The vessels will be delivered to the Company in the third and fourth quarter of 2023.
Ulrik Andersen, CEO of Golden Ocean Management AS commented:
"Golden Ocean is committed to maintaining one of the largest and most modern fleet in the industry through our fleet renewal and expansion program and positioning the Company to generate significant cash flows in what we believe is a fundamentally strong dry bulk market outlook. These transactions not only expand our fleet size, but they also continue to improve the fuel efficiency of the fleet, ensuring best-in-class performance at a reduced carbon footprint. Importantly, the newbuild vessels are dual-fuel ready, which provides the Company with the flexibility to evaluate alternatives as the visibility of future emissions-related regulations and technology improves.
Golden Ocean will be offsetting a portion of the cost to construct the new vessels with the net proceeds of the sale of two older less efficient vessels done at attractive prices. The Company will continue to assess opportunities to divest older tonnage at currently attractive levels. Golden Ocean will thereby be able to continue to improve its fleet composition without impacting its dividend capacity.â
October 11, 2021
The Board of Directors
Golden Ocean Group Ltd.
Hamilton, Bermuda
Interesting.
what do you think are the prospects for this company?
I note the next ER is estimated for Nov 18th
thanks
As the statement says, Golden Ocean are âone of the Worldâs largest listed dry bulk ship ownersâ. The fact that they are replacing old ships with a number of new builds shows confidence in future business trends and demand I think. SimplyWallSt seems to have confidence in the company but take that with a pinch of salt.
Shipping stocks have a reputation for being very volatile.
DYOR.
Dose anybody know why the dividend is at 20% on free-trade but on the other platform im using its at 35% ??
Has anyone had their dividend come through? It was meant to be paid today. I know they are listed in USA but itâs 2238hrs here in the UK so itâs post market over the pond now
Anyone else in this ?