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".
Golden Ocean fixes newbuildings
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".