Newbuilt Panamax Added to Golden Ocean’s Fleet

Image Courtesy: GOGL

Nasdaq-listed dry bulk shipping company Golden Ocean Group Limited has added one more bulker, bought in March this year within a 16-vessel deal, to its fleet.

The ship in question is the 74,000 dwt Sea Opal, which will be renamed Golden Opal. Constructed by India’s Reliance Defence and Engineering, the 225-meter-long bulker has a market value of around USD 21.4 million, according to data provided by VesselsValue.

Sea Opal is the second of two 2017-built ice class Panamax ships purchased from subsidiaries of Seatankers, an affiliate of Hemen Holding, the company’s largest shareholder.

The company has issued 1,650,000 consideration shares to Hemen Holding in exchange for the vessel. Following this transaction, the company’s issued share capital is USD 6,476,149.60 divided into 129,522,992 issued shares, each with a nominal value of USD 0.05.

Earlier this week, Golden Ocean took delivery of the first 2017-built ice class Panamax, the 74,500 dwt Sea Amber, which will now be renamed Golden Amber.

The duo was purchased in consideration for 3.3 million GOGL shares to fund the equity portion of the acquisition. Hemen Holding was to issue a seller credit of USD 22.5 million that matures in June 2019, with no fixed amortization.

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