- Golden Ocean Group Ltd GOGL has sold three of its oldest Panamax vessels, Golden Empress, Golden Enterprise, and Golden Endeavour, for a combined sales price of $52 million.
- Golden Ocean expects to record a gain from the sales of ~$9.6 million in 2Q22 and receive net cash proceeds of ~$30.7 million when the vessels are delivered to the buyers.
- The company has sold seven older Panamax vessels in the last 15 months, generating aggregate net cash proceeds of around $60 million.
- The sale of the three vessels secures Golden Ocean's dividend capacity while reducing the fleet's average age and carbon footprint.
- Price Action: GOGL shares are trading higher by 2.96% at $11.46 during the premarket session on Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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