GOGL pounces on cape

Golden Ocean has made its first ever foray into the secondhand capesize market in a move that appears to have caught sale and purchase brokers off guard.

The John Fredriksen-linked shipowner has swooped for the 180,000-dwt Magnolia (built 2009) which market chatter had heavily linked to Navios Group of Greece.

Golden Ocean chief executive Herman Billung confirmed the acquisition to TradeWinds but declined to put a price tag on the vessel, saying only that the deal was done at ‘market level’.

Yesteday TradeWinds reported that the Angeliki Frangou-led led shipowner had picked up the vessel from bankrupt Korea Line Corp (KLC) for between $26m and $33.5m.

Golden Ocean has purchased the vessel on a 50/50 basis with a strategic partner identified only as a ‘cargo owner’.   

This is the first time ever that the Oslo and Singapore-listed shipowner has purchased a capesize vessel in the second hand market.

It has six capes in its fleet, all of which were newbuildings ordered at Japanese and Korean yards, and none currently on order at the moment.  

Billung described the acquisition as ‘opportunistic’ and said the company would be ‘loyal to dry cargo’ and continue to dip into the market for tonnage of supramax size and upwards.

He added that the move was unrelated to a series of newbuildings, including a pair of capesize vessel, recently cancelled due to severe delays.


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