Golden Ocean Sells Two Panamax Vessels For $37.2M; Inks Agreement To Construct Four Kamsarmax Vessels

Golden Ocean Group Ltd GOGL sold two older Panamax vessels, Golden Opportunity and Golden Endurer, for $37.2 million and agreed to construct four Kamsarmax vessels.
The company expects to record gain from the sale of ~$4.9 million in 3Q21 and $5 million in 4Q21 and receive net cash proceed of ~$22.2 million in Q4.
The net cash proceeds will fund close to half of the required equity for the Kamsarmax vessels. The balance will be financed by cash on hand and long-term debt financing to be secured closer to delivery.
Golden Ocean held cash and equivalents of $174.8 million as of June 30, 2021.
The four Kamsarmax vessels are 85,000 dwt ECO-type and are being constructed at a Chinese shipyard. The company expects delivery in the third and fourth quarters of 2023.
Price Action: GOGL shares are trading lower by 1.94% at $10.13 during the pre-market session on Monday.