Golden Ocean has rejigged the terms of one of its loans to finance a major investment in scrubbers.
The John Fredriksen-controlled owner has extended the tenor of its existing $420m term loan facility to partially finance installing the systems on up to 11 vessels.
The loan, which is for 14 vessels, has been extended by three years from June 2020 to June 2023 at a rate of Libor +250 bps, the company's 2018 financial report said.
Each scrubber installation may be financed with up to $3m in a separate tranche to be repaid over three years, beginning 1 January, 2020.
Golden Ocean has agreed to purchase 20 scrubbers and has options to fit five additional systems on certain capesize vessels, the report said.
The scrubbers will be installed while the ships undergo routine dry dockings, most of which are scheduled for 2019 or early 2020.
The company estimated its remaining financial commitment to fitting scrubbers was $28.8m, excluding installation costs, as of the end of last year.
