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OCEAN GROUP

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.


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


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


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.


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


Fruit of the Orient

Through a longstanding blend of organizational discipline and an unerring drive for the highest levels of automation attainable in shipbuilding processes, the industry in Japan demonstrates resilience founded on continuing productivity advances. Untiring efforts to seek new ways of reducing man-hours and lead times is wholly characteristic of Japanese companies, as they rise to the intensified challenge posed by equally resolute South Korean yards.


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


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


Canada’s Most Powerful Tug Enters Service

Ocean Tundra

On December 13, 2013 the 6,000 kW ASD tug Ocean Tundra was commissioned into service for its Owners, Ocean Group Inc. (Ocean) of Quebec City, Canada. This icebreaking escort tug becomes the most powerful tug in Canadian registry, and heralds a new generation of extremely capable tugs which will provide the highest degree of year-round escort towing capability to Canada’s east coast and the St. Lawrence River and Seaway system.


ONR Researchers Explore a Changing Arctic

Photo by Bill Shaw, Naval Postgraduate School

As sea ice continues to recede at a record pace in the Arctic, officials at the Office of Naval Research (ONR) on April 14 announced new efforts to determine the pace of change in what some are calling Earth's final frontier. Scientists sponsored by ONR have traveled to the Beaufort Sea in the


Rolls-Royce to supply machinery for 4 tugs for ALP Maritime Services

Rolls-Royce has been awarded a £19m contract to deliver deck machinery for four ocean going tugs, designed by Ulstein Design & Solutions, for Dutch company ALP Maritime Services. The vessels will be constructed in Japan by Niigata Shipbuilding & Repair.


Maersk Line named race partner for the Volvo Ocean Race

The world’s largest container shipping company, Maersk Line, is the official shipping partner for the Volvo Ocean Race, the pre-eminent round-the-world yacht race. The race takes place from 4 October 2014 to 27 June 2015. During the nine month race, seven 65-foot (19


China Shipyard Delivers Handymax Size Bulk Carrier

Bulk carrier file photo CCL

COSCO Corporation (Singapore) inform that its Dalian Shipyard in China has delivered a bulk carrier of 57000 dwt, named "GUOTOU 108", to its Asian buyer. The Handymax bulker measures 189.99 meters in LOA, 32.26 meters in breadth and 18 meters in depth. About COSCO Shipyard


Northern Sea Route Usable 125 Days by 2050: New Report

Frontispiece image credit IPCC

The recently released Inter-governmental Panel on Climate Change (IPCC) report – ' Climate Change 2014: Impacts, Adaptation, and Vulnerability' – finds that the effects of climate change are already occurring on all continents and across the oceans


Airbus Expands VSAT Coverage

Ku-band coverage boosted with Seychelles region extension delivering high-speed data. Airbus Defence and Space has expanded its Ku-band VSAT (Very Small Apperture Terminal) coverage in the Indian Ocean Region (IOR), using the Intelsat IS-702 S2 satellite.


NorSea Group Buys Danbor from Mærsk

Danbors supply base in Esbjerg

NorSea Group is said it taking a major step forward in its international involvement by purchasing the Danish base and logistics company Danbor AS. In addition to enhancing the global presence of NorSea Group, Danbor will boost the company’s capability in the wind power market.


Transport Engineering Course at OMAE 2014

HMC.PNG

HMC will host ASME Courses on Transport Engineering and Front End Engineering Design from June 7-8, 2014 at The Palace Hotel in San Francisco. The OMAE is the flagship conference of the Ocean Offshore and Arctic Engineering Division of ASME


Drydocks World Showcases at Sea Japan

Drydocks World and Dubai Maritime City Group, the international service provider to the maritime, offshore oil and gas and energy sectors, is participating in Sea Japan conference and exhibition from April 9-11, 2014 at the Tokyo Big Sight East Hall 1&2


Port of Cleveland’s Express Service Underway

Photo: Spliethoff Group

With the departure of the vessel Fortunagracht out of Antwerp, Belgium over the weekend, the Cleveland-Europe Express service between the Cleveland Harbor and Europe via the Saint Lawrence Seaway has officially launched. The vessel is loaded with breakbulk and containerized cargo and is set to


EBDG Engineer among Missing in Mudslide

Steve Harris (Photo: EBDG)

Elliott Bay Design Group (EBDG) said in announcement today that engineer Steve Harris is among those missing in the recent Oso disaster. Although he has not yet been found, the level of devastation wrought by the mudslide in Snohomish County makes it unlikely that authorities will locate survivors


Crowley Acquires Ship Management Company

 Crowley Maritime Corporation announced today that it has acquired majority ownership of Accord Ship Management (HK) Limited and Accord Marine Management Pvt. Ltd. The Accord acquisition will be managed by Crowley’s ship management group


Eastern Launches another Hornbeck Offshore Vessel

Photo: Eastern Shipbuillding

Eastern Shipbuilding Group, Inc. announced the launching of the HOS BLACK ROCK (Hull 207) on Friday March 28, 2014 for Hornbeck Offshore Services, LLC. The HOS BLACK ROCK is Eastern’s third vessel in Hornbeck Offshore’s HOSMAX 310 class series


ALP Tugs Get Rolls-Royce Deck Equipment

©Ulstein Design & Solutions

Rolls-Royce has been awarded a £19m contract to deliver deck machinery for four ocean going tugs, designed by Ulstein Design & Solutions, for Dutch company ALP Maritime Services. The vessels will be constructed in Japan by Niigata Shipbuilding & Repair.


Iran Changes Mind on Atlantic Ocean Warship Deployment

Iran destroyer, same class: Photo Wiki CCL

Iran has called off a deployment of warships to the Atlantic Ocean, the semi-official Fars news agency said on Sunday, shelving plans for its vessels to approach U.S. maritime borders in response to the U.S. navy's presence in the Gulf. A senior Iranian naval commander was quoted in February as


 
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