RTTNews | Oct 11, 2021 03:01AM EDT

03:00 Monday, October 11, 2021 (RTTNews.com) - Golden Ocean Group Limited (GOGL) said it will sell two older Panamax vessels, Golden Opportunity and Golden Endurer for about $37.2 million. In addition, the company reached an agreement to construct four Kamsarmax vessels.

The company expects to record gain from sale of about $4.9 million in third-quarter 2021 and $5.0 million in the fourth-quarter 2021 and receive net cash proceed of about $22.2 million in the fourth-quarter.

The net cash proceeds will fund close to half of the estimated required equity for the Kamsarmax vessels. The balance will be funded through cash on hand and long-term debt financing to be secured closer to delivery.

The four Kamsarmax vessels are 85,000 dwt ECO-type and are being constructed at the leading Chinese shipyard. The vessels will be delivered to the company in the third and fourth quarter of 2023.

Read the original article on RTTNews ( https://www.rttnews.com/3231649/golden-ocean-group-agrees-to-sell-two-older-panamax-vessels.aspx)

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