GOGL Takes Over Final Quintana Bulker

Image Courtesy: Quintana Shipping

Nasdaq-listed bulker owner Golden Ocean Group Limited (GOGL) took delivery of the last of 16 dry bulk vessels bought from Quintana Shipping in March this year.

The final vessel to be delivered was 2012-built Q Keen, featuring 81,586 in DWT, which will be renamed Golden Keen.

Golden Ocean said it has issued 1,050,000 consideration shares to Quintana Shipping and associated companies in exchange for the vessel.

Following the transaction, the company’s issued share capital stood at USD 6,618,649.60 divided into 132,372,992 issued shares, each with a nominal value of USD 0.05.

The ship acquisition took the form of an all-share transaction where the company issued in aggregate 17.8 million consideration shares and assumed debt of USD 285.2 million, GOGL said.

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

In addition, Golden Ocean has six Capesize newbuildings which are scheduled to be delivered in 2018 and are financed with USD 25 million each.

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