Golden Ocean Group Buys Six Newcastlemax Vessels For $291M

Golden Ocean Group Ltd GOGL said it has agreed to acquire six modern 208,000 deadweight tons (dwt) vessels equipped with exhaust gas cleaning systems for $291 million.
The newly-acquired vessels will be chartered back to their former owner, an unrelated third party, for about 36 months at an average daily time charter equivalent rate of approximately $21,000 net.
The acquisition will be financed by a new $233 million credit facility, which will be secured by the newly-acquired vessels and two unencumbered vessels, and cash on hand.
"This acquisition cements our position as the largest owner of modern Capesize vessels," said Ulrik Andersen, CEO of Golden Ocean Management AS.
"It also increases our fleet's fuel efficiency and reduces its emissions profile as we continue to make progress toward our 2030 emission-reduction target of 30%."
The company held $132.3 million in cash and equivalents as of Sept. 30, 2022.
Price Action: GOGL shares are trading lower by 1.95% at $9.54 in premarket on the last check Monday.