Golden Ocean Group has been tipped to offload more of its older panamaxes following an order for three new kamsarmax bulkers in China.
The John Fredriksen-controlled shipowner said on Thursday that the 85,000-dwt dual-fuel-ready ships will be delivered in 2023 and 2024 from an unnamed Chinese shipbuilder that has since emerged to be Dalian Shipbuilding Industry Co.
The price was not disclosed, but Clarksons Platou Securities analyst Frode Morkedal said he expects the owner to be paying around $100m combined.
"The company said this is a fleet renewal, and as such we expect Golden Ocean would, at a later stage, sell some of their older non-eco panamaxes that are 10 to 13 years old," he added.
This would mean a potential divestment of at least eight panamaxes, which could bring in $147m at current soaring market prices.
Two 76,000-dwt ships date from 2008, and another from 2009, while two more panamaxes were built in 2010. Three other vessels are 2011 vintages.
Fleet already reduced this year
And Golden Ocean also owns two 169,000-dwt bulkers that were built in 2009.
Brokers reported in February that the 75,000-dwt Golden Saguenay (built 2008) had been offloaded for $9.2m.
Seadar Shipmanagement of Greece is now listed as the owner.
The Greek company was also said to have bought the 75,000-dwt Golden Opportunity (built 2008) for $8.5m at the same time, but the ship remains in the Golden Ocean fleet.
The Fredriksen company also sold the 76,000-dwt Golden Shea (built 2007) for $10.8m to Xiamen ITG Group of China earlier this year.
Dividends unaffected
The new kamsarmaxes will be built with "the latest and most efficient propulsion system" as part of the shipowner's fleet renewal strategy.
Golden Ocean said it will initially finance the ships with operating cash flow and cash on hand.
The company had $174.8m of cash and equivalents on its balance sheet as of 30 June.
Morkedal agrees the order will not affect Golden Ocean's dividend payouts.
He estimates the owner can potentially hand out $0.95 per share for the third quarter and $0.79 in the final three months of 2021.
"Our forecast for 2022, based on capesize rates averaging $27,500 per day, is $2.29 per share in dividends," the analyst said.
"In other words, based on our estimates, Golden Ocean can potentially pay a total of $4 or NOK 35 per share in dividends over the next 18 months," he added.
The investment bank has a "buy" rating on the company.
