GOGL orders eight Kamsarmax in China

Golden Ocean Group Limited in Norway has placed a newbuilding contract for eight 80,000 dwt bulk carriers with Zhoushan Jinhaiwan Shipyard (Jinhaiwan) in China. The contract is valued at about $410 million in total and delivery is slated to commence quarterly from September 2009.

Golden Ocean has already ordered five capesize bulkers at Jinhaiwan and the experience gained so far indicates that this yard is likely to become one of the leading yards in China for the shipowner. The competitive price on these contracts will secure Golden Ocean continued growth through investments in assets which have a reasonable low cash break even basis.

The signing of the eight newbuilding contracts will further modernize the Golden Ocean fleet and is financially balanced through the recent sale of the four 1990 and 1994 built Panamaxes and the company???s solid charter back log.