Golden Ocean has ordered two additional ice class panamaxes at JRSHI for US$34.5m each
John-Fredriksen-controlled bulk carrier company Golden Ocean Group has ordered two additional ice class panamaxes at Jiangsu Rong Sheng Heavy Industries for US$34.5m each, saying that it “finds price and time of delivery attractive”.
The 75,000 dwt ships are for 2008 delivery and will bring the total number of ice class panamaxes to be delivered to Golden Ocean during 2008 to six.
Golden Ocean when the ships are delivered it will be the “leading dry bulk shipping company within the panamax segment offering transportation services to customers located in areas with adverse sailing conditions”. In its second quarter interim report Golden Ocean said it had an aggregated position of 19 panamax vessels open for 2007 with an average break even cost of about USD 16,100 per vessel per day. It now says that “close to 2,000 days” have been covered at a net rate of about US$26,600 per day. “The fixtures will generate approximately US$20.5m in cash or alternatively reduce the cash break even rates for the remaining panamax fleet to US$12,500 per day, “says the company.
It notes: “Included in the cash break even rates are amortisation and interest cost on the bank debt as well as amortisation of leases reducing the prices on purchase options. The company's cape fleet is mostly fixed for 2007 and will generate approximately US$13.5m in additional liquidity.