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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


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


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


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


Sea Trials Begin for Vessel Efficiency MOVE Project

(Photo: David Barnicote)

Sea trials have begun on two Falmouth based pilot vessels which will provide data for the Innovate UK funded MOVE (Monitoring for Operational Vessel Efficiency) project.   Rising fuel costs, emissions regulation and concerns about carbon emissions are severe challenges for marine vessel


Cargo Ship Crew Awarded for Heroism at Sea

Capt. Chris Hill from the Intermarine Fleet accepting the Admiral of the Ocean Sea (AOTOS) Mariner’s Plaque during the annual United Seamen’s ‘s Services (USS) Annual Gala Event (Photo courtesy of Crowley)

Officers and crewmembers of the Crowley Maritime Corp.-managed cargo ship M/V Ocean Glory were recently honored with a 2016 Admiral of the Ocean Sea (AOTOS) Mariners’ Plaque for demonstrating heroism at sea during the United Seamen’s Service’s (USS) annual AOTOS awards ceremony


Swire Seabed Buys Fourth Subsea Vessel

Seabed Worker ROV Photo Swire Seabed

Subsea operations specialist, Swire Seabed AS has taken delivery of its fourth subsea vessel, Seabed Constructor.   Swire Seabed has secured a six-year contract for Seabed Constructor with UK based Ocean Infinity. The vessel will be carrying out AUV based survey and construction support


Ship Engineers Receive Prison Sentences for Pollution Crimes

Cassius Samson, 52, and Rustico Ignacio, 66, both of the Philippines, were sentenced today by U.S. District Judge Malcolm Howard for the Eastern District of North Carolina to serve jail time for obstructing a U.S. Coast Guard inspection that took place in July 2015 aboard the cargo ship Ocean Hope


SENER Lectures on 3D Ship Digital Design

Dalian UNiversity lecture (Photo courtesy of SENER Group)

The SENER Group division in Shanghai has presented the FORAN System in the Dalian Ocean University (DOU) in China on October 28. Invited by the DOU, the Technical Consultant Zhi Jiang, from SENER´s office in Shanghai


Disposal of Mining Wastes at Sea – New Expert Group

Photo: International Maritime Organization (IMO)

 New work to assess the environmental impacts of wastes from mining operations which have been disposed into the marine environment is set to begin shortly.    The work will be undertaken by a dedicated working group, established by the Joint Group of Experts on the Scientific


GOGL Sinks into Loss

Photo: Golden Ocean Group Limited

Dry bulk shipping company Golden Ocean Group Limited, while announcing its preliminary results for the quarter ended September 30, 2016, informed that it suffered a net loss of $26.7 million and a loss per share of $0.25    Highlights  


Ethane Carrier GasChem Beluga Delivered

Photo: Hartmann Reederei

On November 11 the first vessel of the new ECO STAR 36k type, GasChem Beluga, was delivered to the owners Ocean Yield ASA in China. The design for this new type of vessel was developed under the lead of German ship owner Hartmann Reederei together with its long-term partners HB Hunte Engineering


Navig8 Receives 8th Interline-Coated Tanker

Courtesy NAVIG8 CHEMICAL TANKERS

Navig8 Chemical Tankers Inc. today announced that it has taken delivery of the Navig8 Tanzanite, a 49,000 DWT IMO2 Interline-coated chemical tanker, from STX Offshore & Shipbuilding Co., Ltd. (“STX”), the final 49,000 DWT IMO2 Interline-Coated vessel from the Company’s


CMA CGM Revamp Indian Ocean Feeder Network

Map:  CMA CGM

 Starting December 16th, 2016, CMA CGM has chosen to revamp its feeder network to Indian Ocean to reinforce its quality, reliability and frequency.    The offering of two separate products dedicated to Comoros/Mozambique market and North Madagascar will strengthen our


NYK Procures 4,700 Refrigerated Containers

photo by NYK

NYK has placed an order for 4,700 additional brand-new 40-foot refrigerated (reefer) containers, and the delivery of the new containers commenced in November. NYK procured 5,500 of the same type of containers last year, and the average age of company’s fleet of over 40


Task Group Sails to Bass Strait

HMA Ships Adelaide, Melbourne, Newcastle, Parramatta, Gascoyne and Huon leave Sydney Harbour to take part in Exercise OCEAN RAIDER, one of the Royal Australian Navys largest maritime warfare activities. Photo: Royal Australian Navy.

 Warships, submarines and aircraft from all over the country are converging on Bass Strait for the final week of Exercise OCEAN RAIDER, one of the Royal Australian Navy’s largest maritime warfare activities.   HMAS Adelaide lead six ships south from Sydney


Carnival Princess to Pay Record $40 mln for Polluting the Seas

Carnival Corp's Princess Cruise Lines will plead guilty to seven felony charges for polluting the seas and deliberate acts to cover it up, and pay a record $40 million criminal penalty, the U.S. Justice Department said on Thursday. The charges against Carnival's Santa Clarita


Obituary: Stewart B. Nelson

Stewart B. Nelson, Ph.D.  - B. June 9, 1937 D. September 12, 2016   Dr. Stewart B. Nelson URI -MMA 1974, oceanographer, explorer, author, lecturer and marine historian passed away of complications related to cancer on September 12, 2016 in Tampa, Fla


Sustainable Development Goals for the Oceans

Photo:  International Maritime Organization (IMO)

 The role of the marine industry in supporting the United Nations Sustainable Development Goals was addressed at the 2016 World Ocean Council Sustainable Ocean Summit in Rotterdam, Netherlands (30 November-2 December).     International Maritime Organization (IMO)'s Theofanis






 
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