Benzinga | Sep 9, 2021 08:15AM EDT

Golden Ocean Agrees For Construction Of Three Kamsarmax Vessels

* Golden Ocean Group Ltd (NASDAQ: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.