Golden Ocean (GOGL) may again be on the offensive after tørrlast the owner has brought in 110 million dollars in new equity, reached agreement with its Banking on the easing in lending conditions and reduced construction program.
- Is everything in place now?
- You can say it, “says CFO Geir Karlsen in Golden Ocean to the E24.
- Now we have a situation where we are relatively robust and can look ahead.
Analyst Martin Sommerseth Jaer in the Arctic Securtities says that Golden Ocean has been the most important solution to the problems – loan agreements with banks and construction program.
He is also pleased that a part of the construction contracts are entered into a separate subsidiary. In this way reduces Golden Oceans build commitments, and contracts out as an option for the owner.
- Bankruptcy father is away in 2009, says Jaer to E24.
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Aktiv Kapital
Jaer warns, however, to take off despite the fact that Golden Ocean has solved problems in the short term.
- Now I do not think there will be any party in tørrlast forward, but what is exciting is that Golden Ocean may be banks’ right hand in the restructuring of tørrlast. They may be shipping companies Active Capital, in a way, “says Jaer.
With the analyst believes that the Golden Ocean will help banks with the operation of ships that banks have declined from companies that have defaulted debt. Aktiv Kapital is controlled John Fredriksen, doing debt collections. The main business is to buy portfolios of defaulted debt to far below the nominal value of the banks, only to drive into this debt.
- They still need to deliver, but they show that they get to solutions, “said Jaer.
Better counterparties
Golden Ocean arrived last autumn in issues because of the collapse of the tørrlast market. Rates plunged by over 90 percent in a short time, and the values of the owner plunged. The problems were, however, to a crisis when the parties began to breach the agreements in the New Year.
Karlsen believes that today’s counterparties will fail to meet their conditions.
- The counterparties, we were skeptical until July, has failed. The ones we have left we believe are of good quality. Counterparty risk is definitely reduced, “says Karlsen.
Also Jaer believe that counterparty risk is far lower than previously.
- Respondent remains now should be the safer character, as counterparty risk is reduced, but it is not eliminated, “says Jaer.
Slipper with 350 million less
Karlsen believes that Golden Ocean may benefit the weak situation in tørrlast market.
- We are one of the first shipping companies to come through the difficult period with a solution that is long-term. We take the new building program and has brought capital, “says Karlsen.
In the message Wednesday from Golden Ocean goes forward at new building program is substantially changed. Total 9 ships covered by the changes, which means of delivery delays, cancellations, and the transfer of contracts to a company where the ships will be project financed.
The changes mean that Golden Ocean has reduced its funding of 350 million U.S. dollars.
- We have made a total solution with the shipyards, a part of the agreement is that we do not wish at this time to go out with the details, but the effect of the agreements are described in the message, “says Karlsen.
