Bulker owner Golden Ocean Group reported the sale in June of one panamax vessel for net consideration of $20.8m, without disclosing the name of the buyer.
The vessel was delivered to its new owner in the third quarter of 2024, and Golden Ocean said the gain from sale of approximately $4.3m will be recorded in the third quarter of 2024.
The shipowner has a fleet portfolio of 93 vessels, including one newbuilding, with an aggregate capacity of approximately 14.0 million deadweight tonnes.
The fleet consists of 84 vessels owned by the company (52 capesize and 32 panamax vessels), eight capesize vessels chartered in on long-term leases with profit-sharing arrangements, and one 85,000- dwt kamsarmax vessel on order.
Furthermore, the owner has one vessel under construction with $23m of related outstanding contractual commitments due by the fourth quarter of 2024.
The owner of large size dry bulk vessels, Golden Ocean Group, also revealed in the company’s second quarter results, that there was no gain from disposal of vessels recorded in the second quarter of 2024, compared to $1.1m recorded in the first quarter of 2024 related to the sale of a panamax vessel.
Peder Simonsen, interim chief executive officer and chief financial officer, said: “Despite a volatile macro and geopolitical backdrop, the dry bulk shipping market remains healthy, and Golden Ocean continues to deliver above-market performance.
“This is attributable to the quality of our modern, fuel efficient fleet as well as our strong commercial capabilities. While we continue to opportunistically secure charter coverage, we retain significant exposure to a market we believe will strengthen as the year progresses.
“Demand fundamentals in large vessel segments are particularly constructive, with Chinese demand for bauxite and new iron ore export projects under development in the Atlantic Basin are expected to be long-term drivers.
“The supply side is also favorable as fleet growth is moderating and environmental regulations are expected to constrain effective fleet capacity.
“Golden Ocean is well positioned to continue to generate strong cash flows, based on our fleet premium and our industry-leading cash breakeven levels. Accordingly, the company expects to continue to deliver strong returns for our shareholders.”
