Golden Ocean Agrees For Construction Of Three Kamsarmax Vessels

Golden Ocean Group Ltd GOGL has agreed to construct three high-specification latest generation 85,000 dwt ECO-type Kamsarmax vessels, to be constructed at a first-class Chinese yard. The vessels are scheduled to deliver from Q3–2023 to Q1-2024.
The company noted the vessels are dual-fuel ready, giving it time to evaluate options while the visibility of future regulations and optimal technology improves.
Golden Ocean intends to finance the acquisition with operating cash flow and cash on hand and establish long-term debt financing closer to delivery.
Golden Ocean held cash and cash equivalents of $174.8 million as of June 30, 2021.
Price Action: GOGL shares are trading lower by 3.73% at $11.10 during the premarket session on Thursday.

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