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Golden Ocean Group Announces Sale

Golden Ocean Group Limited has agreed to sell the vessel M/V Shinyo Brilliance. The vessel is a Panamax bulker and is one of the long-term time charter vessels previously acquired from Louis Dreyfus with an option to purchase attached to the time charter. The vessel will be delivered to the Buyers within the end of December 2007 and the agreed purchase price is $72m net. The strike price for the option is about $20m net and the transaction will thereby free up approximately $52m in cash liquidity.

Golden Ocean Agrees Late Deliveries from Chinese Shipyard

Golden Ocean Group Limited agrees with Zhoushan Jinhaiwan Shipyard Co., on amendment of three shipbuilding contracts The agreement is related to the two Kamsarmax vessels Golden Excellence and Golden Explorer, and the Capesize vessel Golden Nantong. Due to delay in the construction progress the Company has agreed to accept late delivery of the vessels. The contract price for the three vessels in aggregate is now agreed to be USD 86.65 million.

Frontline Acquires Golden Ocean

Norwegian shipping company Frontline has signed an agreement to take over U.S.-based Golden Ocean Group. Frontline has reportedly signed a term sheet with Golden Ocean, under which the parties agreed to propose a joint plan for a financial restructuring of Golden Ocean. Golden Ocean holds interests in 14 VLCCs, three VLCC newbuilding contracts and 10 bulk carriers. The company filed for a Chapter 11 restructuring in the Bankruptcy Court for the District of Delaware on Jan. 14.

Frontline Predicts Strong 2001

Norway's Frontline, the world's biggest tanker company, reported record net profits for 2000 compared to a 1999 loss and forecast higher earnings for 2001. Net 2000 profits leapt to $313.9 million from a $86.9 million loss in 1999, helped by a strong tanker market and a takeover of U.S. rival Golden Ocean Group. Net operating revenues surged to $599.9 million from $253.2 million in 1999. "For the full year (2001) result the board are cautiously optimistic about the opportunity to improve the

Atlantic Marine Sets Up Marine Survey & Consultancy Arm

John Poulson: Photo credit AMA

Atlantic Marine Associates Inc. (AMA) a member of the Eagle Ocean Group appoints John S. Poulson to head the new service. Trading as AMA Consulting Services, the new entity is led by John S. Poulson, latterly president of GL Noble Denton, New York, and a leading expert in the marine engineering, survey, loss prevention and consultancy fields. AMA Consulting Services’ principal activity is carrying out independent surveys, investigations

Bocimar Expands Fleet, Buys 3 Ships

CMB confirms that its subsidiary Bocimar International has acquired three capesize newbuilding vessels for a total purchase price of $188 million. The first vessel, SWS 1028 (Shanghai Waigaoqiao Shipyard) - for which Bocimar concluded a three-year time charter contract in April 2005 - is obtained from Teh Hu (Hong Kong). It concerns a 175,000 dwt newbuilding that will be delivered in the third quarter of 2006. The other two vessels, SWS 1048 and SWS 1049, have been bought from

L27/38 Power for Spanish Tugs

Spanish builder Astilleros Armón recently delivered one tug boat powered by two MAN 7L27/38 four-stroke engines and is close to delivering another powered by two similar 9L27/38 engines. The vessels are bound for separate companies of the Italian ‘Ocean Group’. The first project involved the construction of the ‘Neptun’, a Voith-Schneider Tractor Tug constructed at Astilleros Armón Navia in Asturias, Spain as construction C-701

GOGL, Knightsbridge Tankers Sells Vessel

Golden Ocean Group Limited advised that the company has entered into an agreement with Knightsbridge Tankers Limited to sell the capesize vessel Golden Zhejiang at a sales price of $65.5m. The vessel will be sold together with the existing four year charter agreement. The completion of the transaction is subject to successful financing and equity offering in Knightsbridge Tankers Limited. The deal is expected to be concluded during Q4 2010

SFL Acquires Eight Capesize Bulkers

Photo of VANGUARD Courtesy Ship Finance International Limited

  Ship Finance International Limited today announced the agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited ("Golden Ocean"). The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia, Golden Zheijang, Golden Future and KSL China and were built in Korea and China between 2009 and 2013. The total acquisition price will be $272 million, or $34 million on average per vessel

SFL Acquires Eight Bulk Carriers from Golden Ocean

Ship Finance International Limited (SFL) has entered an agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited, the company announced today.   The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia, Golden Zheijang, Golden Future and KSL China and were built in Korea and China between 2009 and 2013. The total acquisition price will be $272 million, or $34 million on average per vessel

Moody's: Ratings of Overseas Shipholding on Review for Downgrade

Photo: OSG

 Moody's Investors Service, has placed the ratings of Overseas Shipholding Group, Inc. (OSG) under review for downgrade, including its B2 corporate family and Caa1 senior unsecured ratings, and the B1 and Ba2 senior secured debt ratings of its subsidiaries, OSG Bulk Ships, Inc

Future Unmanned Naval Systems for MMCM Program

Thales, BAE Systems and their partner SAAB, ECA Group and ASV Global welcome the confirmation by the Organization for Joint Armament Cooperation (OCCAR) that the UK Ministry of Defense (MOD) and French Defense Procurement Agency (DGA) will continue its collaboration for the combined United Kingdom

Steel Cut for CIMC ORIC's First FORAN Project

Photo: SENER

The steel cutting ceremony of the first project designed with the FORAN system by CIMC Ocean Engineering Design and Research Institute Co., Ltd. (CIM ORIC) was held in the Chinese shipyard Zhoushan Changhong International Shipyard Co., Ltd. on September 23.

OCEAN Alliance Gains US Approval

File photo: Port of Long Beach

The proposed OCEAN Alliance between several of the world’s largest container shippers has received approval from the U.S. Federal Maritime Commission (FMC), allowing it to become effective Monday, October 24, 2016.   The OCEAN Alliance, comprising COSCO Shipping, CMA CGM

Container Shipping Industry Calls for Climate Action

Pic: Business for Social Responsibility

 Members of BSR’s Clean Cargo Working Group (CCWG) have agreed on a climate action statement and call to action for the container shipping sector and its value chain to support private-sector contributions for the global goals on climate change.   

Crew Kidnapping Persists Despite Piracy Slowdown -Report

Despite a decline of piracy activity in several high-risk areas, a high threat of crew kidnapping and hijacking remains in Southeast Asia and West Africa, according to a recent report from specialist crisis prevention and response consultancy NYA International.  

India Inducts First Armed Nuclear Submarine INS Arihant

INS Arihant in December 2014. Indian Navy Photo

 India’s first indigenously-made nuclear submarine, the INS Arihant has been commissioned into service.     The 6,000-ton, 110-metre-long INS Arihant (the Sanskrit name meaning ‘Slayer of Enemies’) is powered by a 83 MW pressurised light water nuclear reactor.

Fairbanks Morse to Power USCG’s Offshore Patrol Cutters

Image: Vard

When the U.S. Coast Guard’s first new Offshore Patrol Cutters (OPC) is put to sea in 2021, it will be powered by diesel propulsion engines manufactured in Beloit, Wis., by Fairbanks Morse.   The OPC will “provide a critical capability bridge” between the National Security

Viking Ocean Cruises Makes Maiden US Call

Viking Ocean Cruises made its first ever call on a U.S. port when Viking Star docked at Cruiseport Boston. Viking Star began her voyage in Montreal, travelled the St. Lawrence River to Quebec City and Saguenay, continued on to Prince Edward Island and Halifax and, following her stop in Boston

Maritime Stakeholders Discuss Arctic Safety and Growth

Photo: Arctic Circle

 Some 2,000 government, industry, research and civil society representatives gathered for the Arctic Circle Assembly held October 7-9 in Reykjavik, where the group of international participants engaged in dialogue and cooperation centering on the future of the Arctic.  

Korean Register CEO Park Passed Away

Dr. B. S. Park ( Photo: Korean Register)

Dr. B. S. Park, Korean Register Chairman and CEO, has passed away after a short illness.   Dr. Park graduated from Korea Maritime and Ocean University in 1976 and joined Pan Ocean Shipping where he worked in a number of capacities until 2001

Unmanned Aircraft to Take Off from Falkor

Chief Scientist Will Sager interpreting data in the control room Photo SCHMIDT OCEAN INSTITUTE

Research vessel Falkor leaves Darwin today to explore the poorly understood air-sea interactions across the Indian and Pacific Ocean. This research is very important in understanding the ocean’s role in global climate change. The exchange of energy and matter between the atmosphere and the

Counter-piracy Measures Still Needed

Photo: International Maritime Organization

 ​Merchant shipping should continue to take protective measures against possible piracy attacks in the Gulf of Aden and the western Indian Ocean through diligent application of International Maritime Organization (IMO) guidance and Best Management Practices (BMPs).   

CMA CGM Bags Award for CSR Performance by EcoVadis

Photo: CMA CGM

 For the second consecutive year, CMA CGM has won the “Gold Recognition Level” by EcoVadis a specialist agency in CSR evaluation.    This award acknowledges CMA CGM’s CSR ambition and performance especially regarding: the improvement of its Carbon performance by

Silence Your Ships

Plymouth University Marine Institute scientists are working with AutoNaut on a project studying how increasing levels of manmade noise in the sea is affecting marine life. (Photo: AutoNaut)

Anthropogenic (manmade) sound is creating havoc among marine mammals and other aquatic species. These creatures have very sensitive hearing, which they rely on to find food and mates and (for some) to communicate and navigate. Sound waves can travel much further and with much less loss of strength

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