One of the world’s largest listed dry bulk shipowners has begun a major modernisation of its fleet.

Making the announcement from its Hamilton office, the Nasdaq-listed Golden Ocean Group Limited said that it has agreed to the construction of three high-specification 85,000 dwt ECO-type dual-fuel Kamsarmax vessels.

They are to be equipped with the latest and most efficient propulsion system.

Additionally, the company announced the sale of two Ultramax vessels, Golden Cecilie and Golden Cathrine.

The newbuilding vessels will have the same specifications and will be constructed at the same leading Chinese shipyard group as the seven newbuilding vessels the company previously contracted, providing additional benefits in terms of building supervision and the efficiency gained by operating vessels with similar specifications.

The vessels will be delivered to the company in the third quarter of 2024 and the first quarter of 2025.

The aggregate sale price of the Ultramax vessels is $63 million, and the company expects to record a gain of approximately $22 million from sale and receive net cash proceeds of approximately $41 million in late Q3/early Q4 2022.

The sales proceeds will fund the expected equity portion payable for the three Kamsarmax newbuilding orders placed.

Ulrik Andersen, CEO of Golden Ocean Management AS, said: “Golden Ocean is committed to maintaining one of the largest and most modern fleets in the industry.

“In the process, the company will continue to improve the fuel efficiency of its fleet, ensuring best-in-class performance at a reduced carbon footprint.

“Importantly, all of our newbuildings are dual-fuel ready, which provides us the flexibility to evaluate propulsion options as the visibility of future emissions-related regulations and technology improves.

“Golden Ocean will be offsetting a portion of the cost to construct the new vessels with the net proceeds from the sale of the two Ultramax vessels sold at attractive prices, enabling the company to continue to execute its strategy without impacting its dividend capacity.“