GOGL Expands Fleet with Dry Bulk Pair

Dry bulk shipping company Golden Ocean Group Limited (GOGL) has taken delivery of the first two dry bulkers from the batch ordered in March this year.

The vessels in question are 2013-built Q Sue and 2014-built Q Kaki, which will now be renamed Golden Sue and Golden Kaki.

The batch is comprised of 16 dry bulk vessels which were agreed to be acquired in the form of an all-share transaction where the company would issue in aggregate 17.8 million consideration shares and assume debt of USD 285.2 million.

Q Kaki; Image Courtesy: Quintana Shipping

Of the 16 vessels to be acquired, 14 will be acquired from subsidiaries of Quintana Shipping, and two ice class Panamax vessels will be acquired from subsidiaries of Seatankers, an affiliate of Hemen Holding, the company’s largest shareholder.

To that end, Golden Ocean said that it has issued 1.6 million consideration shares to Quintana Shipping and associated companies in exchange for the two vessels.

Following this transaction, the company’s issued share capital is USD 5,843,649.6 divided into 116,872,992 issued shares, each with a nominal value of USD 0.05.

The acquired vessels’ average age is four years in line with GOGL’s rest of the fleet. The acquisition comes at a time of very favorable prices of second-hand vessels enticing many owners to venture into fleet expansion.

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