Golden Ocean is said to plan cutting down its newbuilding orderbook by seven newbuildings of overall 12, which will free up almost $100m.
The cull of the vessels would release around $90m in cash and slice debt repayments by $30m.
RS Platou Markets believes five panamax and two kamsarmax newbuildings with a combined price tag of $238m will be axed out.
While Golden Ocean is expected to lose $23m on the contract values should they be cancelled, the net cash inflow will be $91m, the report says.
The owner has newbuildings ordered at Jinhaiwan Shipyard and Pipavav.
Published : October 10, 2012
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