Golden Ocean sells bulker

JOHN Fredriksen-controlled dry bulk shipping company Golden Ocean Group is selling the 2004-built panamax vessel Shinyo Brilliance for US$72m “net”. The vessel is one of the long term time charter vessels previously acquired from Louis Dreyfus with an option to purchase attached to the time charter. The vessel will be delivered to the buyers within the end of December 2007.

Golden Ocean says in a statement: “The strike price for the option is about $20 million net and the transaction will thereby free up approximately $52 million in cash liquidity.” It adds: “The sale represents no change in strategy for Golden Ocean but should be seen as an opportunistic move up against the large ordering of new tonnage at reasonable prices which the company recently has concluded. The increased liquidity and the committed financing for the newbuilding program puts the company in a strong financial position to both grow the business and increase the dividend capacity to shareholders.”