Golden Ocean has refinanced 15 vessels and added another 10 through charters, it said on Thursday.
The Norwegian bulker company, which also said CEO Birgitte Ringstad Vartdal had resigned, has replaced a $284m loan facility that was due to mature in December 2019.
A new $155.3m five-year term loan has been entered into with six "reputable shipping banks", five of which were part of the group of lenders for the previous loan.
The new interest rate is Libor plus 210 basis points.
The company also took delivery of two 2019-built 103,000-dwt ice-class vessels, Admiral Schmidt and Vitus Bering, chartered in from Platano Eesti of Estonia on index-linked deals with firm periods of three years.
There are four annual options for the company.
This brings the fleet to 79 vessels, of which 67 are owned.
Golden Ocean also revealed it had chartered a scrubber-fitted capesize at $25,000 per day for 15 to 19 months, and signed index-linked deals for three non-scrubber fitted capes for between 11 and 15 months.
It has also added four panamaxes on time charters at an average rate of $14,750 per day.
Profit rises
Net profit for the third quarter was $36.69m, up from $35.28m a year ago, from revenue of $219.33m, against $189.25m.
In the fourth quarter, the company agreed a charter amendment with sister company SFL Corporation to fund the instalment of scrubbers previously announced on seven of the capesize vessels currently on charter from SFL.
The expected capital expenditure to be funded by SFL will be approximately $17.5m, and will be repaid through increased charter rates from 1 January 2020 to 30 June 2025.
Vartdal said: "Our strong performance in the third quarter is the result of our strategic decision to gear our fleet towards modern, fuel-efficient vessels in the vessel segments that offer the greatest leverage during periods of market strength.
"While the market has eased as the fourth quarter has progressed, rates are still well above our highly competitive cash break-even levels, and we are pleased with our results thus far.
"The competitive advantage of our fleet will become more pronounced with the implementation of the upcoming IMO 2020 regulations, which are widely expected to positively impact the market and help to drive cash flow going forward."
CFO Per Heiberg said the new credit facility eliminates the company's refinancing needs until 2021.
