John Fredriksen-controlled dry cargo shipowner Golden Ocean has fixed three capsize and one panamax newbuildings on long term charters that should net the company “close to US$145m”. Golden Ocean says it has arranged five-year charters for each of three capesize ships being built at Daehan Shipbuilding for delivery between August 2008 and March 2009. The company does not name the charterers but says the rates are $48,000 per day net for the first vessel, $46,000 per day net for the second and $43,800 per day net for the third.
In addition Golden Ocean has committed the fifth ice class panamax from Rongsheng, China, for a five years time charter, for delivery in the third quarter of 2008 at a rate of $23,700 net per day. The time charter contracts on these vessels will based on a 75% debt financing generate close to $145 million in net income over the charter period. The company says: “The decision to charter out the vessels is in line with what the company has previously communicated to the market as a long term strategy to build values for Golden Ocean' s shareholders. The charters will materially write down the vessels from already attractive contract prices and will substantially reduce the financial risk in the company.” Golden Ocean's CEO Herman Billung said: "The combination of attractive building prices and a strong long term charter market has given us a unique opportunity to create long term values for our shareholders with a very limited financial risk. The remaining open capacity does still create charter market upside as well as a possibility to realise large gains by either selling vessels or trading the vessels on a short term basis".
In addition Golden Ocean has committed the fifth ice class panamax from Rongsheng, China, for a five years time charter, for delivery in the third quarter of 2008 at a rate of $23,700 net per day. The time charter contracts on these vessels will based on a 75% debt financing generate close to $145 million in net income over the charter period. The company says: “The decision to charter out the vessels is in line with what the company has previously communicated to the market as a long term strategy to build values for Golden Ocean' s shareholders. The charters will materially write down the vessels from already attractive contract prices and will substantially reduce the financial risk in the company.” Golden Ocean's CEO Herman Billung said: "The combination of attractive building prices and a strong long term charter market has given us a unique opportunity to create long term values for our shareholders with a very limited financial risk. The remaining open capacity does still create charter market upside as well as a possibility to realise large gains by either selling vessels or trading the vessels on a short term basis".
