Bermuda-based dry bulk shipping company Golden Ocean Group has agreed to get released from the bare boat agreement for the 1994-built panamax vessel MV Golden Joy against purchasing the vessel for $10.7 million. Simultaneously the company has agreed to sell the vessel for net sale proceeds of $16 million.
According to the company, the delivery of the vessel to the buyers will take place in October 2009.
The transaction is expected to give a negative result of $4.1 million, but will have a positive cash effect of $3.8 million. Golden Joy is the last of the five vessels under the deal with Clipper Bulk Shipping.
The company has also fixed out on time charter for the panamax vessel MV Mulberry Paris. The vessel will be delivered to the charterer at the end of August 2009 for a two-year time charter contract.
According to the company, the delivery of the vessel to the buyers will take place in October 2009.
The transaction is expected to give a negative result of $4.1 million, but will have a positive cash effect of $3.8 million. Golden Joy is the last of the five vessels under the deal with Clipper Bulk Shipping.
The company has also fixed out on time charter for the panamax vessel MV Mulberry Paris. The vessel will be delivered to the charterer at the end of August 2009 for a two-year time charter contract.