The deal costs approximately $752 million and consists of 10 newcastlemax bulkers constructed between 2019 and 2021 and eight kamsarmaxes built between 2020 and 2021.

Golden Ocean says the deal will add substantial size to the operating fleet of the group, contribute to the reduction of cash breakeven levels, and is in line with its plan for fleet renewal.

Hemen's affiliates have agreed to provide a $414m credit facility to allow Golden Ocean time to arrange long-term funding for the vessels, while a private placement of about $338m has been carried out with Hemen pre-committing to contribute to its $169m allocation.

Maritime Business World