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Benzinga
Benzinga
Business
Akanksha Bakshi

Golden Ocean Sells Three Panamax Vessels For $52M

Panamax GOGL
  • Golden Ocean Group Ltd (NASDAQ:GOGL) has sold three of its oldest Panamax vessels, Golden Empress, Golden Enterprise, and Golden Endeavour, for a combined sales price of $52 million.
  • Golden Ocean expects to record a gain from the sales of ~$9.6 million in 2Q22 and receive net cash proceeds of ~$30.7 million when the vessels are delivered to the buyers.
  • The company has sold seven older Panamax vessels in the last 15 months, generating aggregate net cash proceeds of around $60 million.
  • The sale of the three vessels secures Golden Ocean's dividend capacity while reducing the fleet's average age and carbon footprint.
  • Price Action: GOGL shares are trading higher by 2.96% at $11.46 during the premarket session on Tuesday.
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