GOLDEN ZHEJIANG
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GOLDEN ZHEJIANG 9443619
Golden Ocean Group Limited advised that the Company has entered into an agreement with Knightsbridge Tankers Limited to sell the capesize vessel "Golden Zhejiang" at a sales price of $65,5 million. The vessel will be sold together with the existing 4 year charter agreement. The completion of the transaction is subject to successful financing and equity offering in Knightsbridge Tankers Limited. The deal is expected to be concluded during Q4 2010.The sales proceeds will be used to pay down debt on the asset and the balance, $18,5 million, to acquire a number of restricted common shares in Knightsbridge. The Board sees this increased investment in Knightsbridge as a strategic holding which gives Golden Ocean the opportunity to, together with Knightsbridge, develop new dry bulk business based on mainly yield driven investment criteria. Source: Golden Ocean Group Ltd, http://www.goldenocean.no/?view=hugin_feed&feed=http://cws.huginonline.com/G/135378/PR/201009/1447173.xml&menu=21
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