Golden Ocean Group Limited (Golden Ocean) has declared the first four options to install exhaust gas cleaning systems (EGCS) on Capesize vessels in addition to previously announced contracts.
As reported, in August, Golden Ocean inked contracts to install 16 scrubbers on Capesize vessels, with options for another nine vessels.
In its Q3 2018 financial results, the company has now announced its intention to exercise the first four options to install EGCSs on Capesize vessels.
Commenting, Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean, said the move would strengthen the fleet’s competitive advantage.
‘A large part of our Capesize fleet that have exposure to fuel cost will be retrofitted with scrubbers and [this] is expected to significantly increase the company’s cash generation from 2020 and onwards,’ said Vartdal.
Golden Ocean reported a net income of $35.3 million for the third quarter of 2018, compared with net income of $9.0 million for the second quarter of 2018 and net income of $0.4 million for the third quarter of 2017.