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 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.
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 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
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
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
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
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
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
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
Dry bulk shipping firm Golden Ocean Group said on Tuesday it did not consider an equity issue to improve its liquidity and balance sheet following challenging markets conditions. "We are not considering equity issue. We are working on other options, including sale and leaseback
* Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015.
Somali pirates have hijacked an Iranian fishing vessel with 15 crew members, a Somali official and a maritime expert said on Monday amid warnings that piracy might be making a comeback in the Indian Ocean. Although there are still occasional cases of sea attacks
AWI researchers’ unique 15-year observation series reveals how sensitive marine ecosystems in polar regions are to change The warming of arctic waters in the wake of climate change is likely to produce radical changes in the marine habitats of the High North
The United Seamen's Service (USS) honored Anthony Chiarello, President and CEO of TOTE Inc.; Matthew J. Cox, President and CEO of Matson; and James C. McKenna, President and CEO of Pacific Maritime Association with the 2015 Admiral of the Ocean Sea (AOTOS) Award.
Mitsui O.S.K. Lines, Ltd. today announced the introduction of the FLIR C2 thermal imaging system commercialized by FLIR Systems Japan K.K. on MOL Group-operated coal carriers. The system, which relies on infrared rays, helps prevent spontaneous combustion of coal in the cargo hold
The merger deal of China’s two shipping gianst China Ocean Shipping Co., or Cosco, and China Shipping Group that could create the world’s fourth largest container operator is expected to get approval by Chinese government by January, reports WSJ.
BMT JFA Consultants (BMT), a subsidiary of BMT Group, an international maritime design, engineering and risk management consultancy, recently completed the project management and supervision of the 2015 Bandy Creek Boat Harbour Dredging works
Chinese transport giant China Merchants Group looks set to takeover Sinotrans & CSC in the potential merger between the two shipping giants in China, reports Reuters. The two companies have been locked in reorganization talks, financial magazine Caixin said
The Columbia Group of Companies will open a new intermodal chassis depot located in Bayonne, NJ on November 16, 2015. Trac Intermodal will be the first customer to join the depot. Columbia Group, through its affiliates Columbia Container Services and Columbia Intermodal
Crowley Maritime Corporation announced today that company veteran Craig Tornga has assumed the role of vice president of stakeholder relations for Alaska, and will coordinate with all of Crowley's Alaska business units to leverage relevant company relationships
The ice-covered Arctic Ocean is a more important factor concerning the concentration of the greenhouse gas methane in the atmosphere than previously assumed. Experts from the Alfred Wegener Institute, Helmholtz Centre for Polar and Marine Research (AWI) report on the newly discovered
Tamu Massif is a volcano the size of New Mexico and lurks 6,500 feet beneath the surface of the Pacific Ocean. During their 36 day expedition, the science team undertook a survey of immense proportions mapping an area nearly one million square kilometers in size
Viking Ocean Cruises and Fincantieri have signed an agreement for the construction of two additional cruise ships. The new units, like the four sister ships which the ship owner has already ordered, will become part of Viking’s fleet respectively in mid-2018 and at the end of 2020
Cheniere Energy's landmark Sabine Pass liquefied natural gas export plant in Louisiana will receive its first tanker for loading on Jan. 12, according to ship tracking data and a source with knowledge of the plant's operations. The Energy Atlantic LNG tanker