Golden Ocean Group Limited (GOGL) has taken delivery of the second of the two Capesize bulkers bought in October from affiliates of Hemen Holding Limited for USD 43 million.
The 2016-built Sea Monterrey, to be renamed Golden Monterrey, follows the delivery of Golden Behike, which joined GOGL’s fleet in November 2017.
Golden Ocean has issued 2,000,000 shares to Hemen as part of the purchase price for the vessel.
Following this transaction, the company’s issued share capital is USD 7,209,884.85 divided into 144,197,697 issued shares, each with a nominal value of USD 0.05, GOGL said.
The vessel purchase was partially financed by a non-amortizing seller’s credit loan with an affiliate of Hemen for 50 percent of the purchase price, which bears interest at LIBOR + 3.00 pct per annum and matures three years after delivery of the vessels.
The remaining part of the purchase price was settled on delivery of the vessels with an estimated USD 9 million of cash and an estimated USD 34 million of newly-issued common shares of the company.
Now that the deal has been finalized, Hemen, together with certain of its affiliates, holds ownership percentage of approximately 34.2 pct of the company’s issued and outstanding common shares.
Hemen Holding Limited is a company indirectly controlled by trusts established by John Fredriksen, the company’s largest shareholder.
Golden Ocean operates a fleet of 73 vessels and has five Capesize newbuilding contracts. Upon delivery, the company’s fleet will have an aggregate carrying capacity of approximately 10.7 million dwt and an average age of less than 5 years.