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G.O splashes out on capesizes

G.O splashes out on capesizes
Bulker shipping group Golden Ocean has bought out four capesize newbuilding contracts for a combined price of US$296m.

GOLDEN OCEAN SPLASHES OUT ON CAPESIZES

Bulker shipping group Golden Ocean has bought out four capesize newbuilding contracts for a combined price of US$296m.

Two of the ships are being built at Daehan Shipbuilding in South Korea and two at Zhoushan Jinhaiwan Shipyard in China.

The vessels, of 170,000 dwt and 176.000 dwt respectively, will be delivered between December 2008 and October 2009. “Given the continuous positive outlook for the global steel production and the age profile of the existing capesize fleet, the management has a positive market view for this sector going forward,” the company said. “The Board of Golden Ocean finds the combination of price and time of delivery attractive, and an additional step in its ambitious growth strategy.” The company has been granted the option for an additional two vessels from each yard, and these vessels can be delivered within first half of 2010.

www.TurkishMaritime.Com.tr

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