Monday, October 15, 2012

Golden cuts orderbook

Golden cuts orderbook

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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