Debutante yard hits the big time

Seoul: Golden Ocean Group, the Oslo-listed drybulk operator, has ordered four option four capesizes at Daehan Shipbuilding, Korea, at $72.25m each. The 170,000 dwt vessels represent a big step up for Daehan which only entered the newbuilding market in August 2004. The biggest ships it has built so far are 10,000 dwt cement carriers for affiliate Daehan Cement. The capesizes will deliver between May 2008 and January 2009. GOG says given the positive outlook for global steel production and the age profile of the existing capsize fleet the management has a bullish market view for this sector. (6/12/06)