# New ships for Golden Ocean Group



## rushie (Jul 5, 2005)

GOG press release - 

_Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to advise that the Company has ordered two additional ice class Panamaxes at Jiangsu Rong Sheng Heavy Industries. The vessels of 75.000 dwt will be delivered during 2008.

The agreed purchase price is USD 34,5 million.

This brings the total number of ice class Panamaxes to be delivered to Golden Ocean during 2008 to 6 units, which means that the Company will be the leading dry bulk shipping company within the Panamax segment offering transportation services to customers located in areas with adverse sailing conditions.

The Management finds price and time of delivery attractive.

In connection with the second quarter interim report it was stated that the Company 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.

Golden Ocean is pleased to report that until now close to 2000 days have been covered at a net rate of about USD 26.600 per day. The fixtures will generate approximately USD 20,5 million in cash or alternatively reduce the cash break even rates for the remaining Panamax fleet to USD 12.500 per day. 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 USD 13,5 million in additional liquidity._ 

Rushie


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