- 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.
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