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Golden Ocean Group Ltd sells panamax bulker.

NORDIC BUSINESS REPORT-18 April 2006-Golden Ocean Group Ltd sells panamax bulker(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com

The Norwegian-controlled Bermuda-based shipping company Golden Ocean Group Ltd said on Tuesday (18 April) that it has agreed to sell the panamax bulker Lake Sequioa.

Lake Sequioa is on long term charter to Golden Ocean Group, which also has an option to purchase the vessel. The vessel will be sold to new owners for USD31.5m against a payment of USD19.5m to its current owners.

Golden Ocean Group described the deal as a "market opportunistic sale" and said that it did not reflect a change in its strategy to grow its business.

One US dollar (USD) is worth approximately 0.57 British pounds (GBP).

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Publication:Nordic Business Report
Article Type:Brief article
Geographic Code:4EXNO
Date:Apr 18, 2006
Words:137
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