Golden goodbye to second sister ship

Golden goodbye to second sister ship

Golden Ocean Group Limited continues its 'opportunistic' sell-off of vessels having agreed to sell its Panamax Bulker GOLDEN DENA for gross sale proceeds of $51.02 million. Delivery to the buyers is expected to take place in June 2007.

The company says this transaction will give a positive result of approximately $10.8 million, and will generate approximately $21.9 million in additional liquidity.

The company stresses that the sale does not represent a change in strategy for the company but is an "opportunistic market sale which should be seen up against the expansive new building program Golden Ocean has entered into during the last months."

The new building program currently involves 4 Capesizes and 6 Ice strengthen Panamaxes for delivery in 2008 - 2009.

The sale follows that of her sister ship GOLDEN GUNN, as reported here on the 22nd of February. Both 74 759 DWT vessels were built at Hudong in 2005. They cost USD 42.0 million each.