Golden Ocean Orders 2 Supramax Vessels From Japanese Yard

By MarEx 2013-04-02 14:37:00

Golden Ocean, the dry bulk arm of shipping tycoon John Fredriksen [pictured above], ordered two Supramax bulk carriers from Japan Marine United Corp for delivery in the first quarter of 2015, the firm said late on Monday.

The firm did not disclose the purchase price but said it achieved "favourable terms" and "attractive pricing" for the 60,000 deadweight tonne vessels.

The dry bulk market has been in the doldrums in recent years with charter rates languishing near or below break-even levels as the market struggles with overcapacity.

The sector has struggled as vessels ordered before the global financial crisis hit the water while demand remains weak.

Firms are scrapping old, inefficient vessels but the relatively few cash-rich players are buying new, fuel-efficient vessels as yards have sharply cut prices.

Shipping executives have predicted that the dry bulk sector, along with the crude shipping market, will take at least until 2014 to recover.

--Reporting by Balazs Koranyi; Editing by Eric Walsh (C) Reuters 2013.

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