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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


Harbor Mud An Environmental 'Sleeping Giant'

Mud dredged from the bottom of harbors to keep ship commerce flowing is loaded with contaminants like dioxin and mercury, creating a sleeping giant of an environmental mess in America's oceans and waterways, water protection groups said. Scientists and environmentalists demanded that better government protections be employed to protect human health, fish and ecosystems from toxic harbor mud, and called for an immediate ban on the dumping of contaminated sediments.


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.


China Shipbuilders may Merge to Stay Afloat

Picture by China COSCO Container Shipping

 The China's four state-run shipping-related companies  are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media.   The chances of mergers between China Ocean Shipping, China Shipping Container Lines


Rejig at Pan Ocean

Image: Pan Ocean

 South Korean bulker operator Pan Ocean re-sumitted its rehabilitation plan to the South Korean court that will see discount rate of cash repayment and decision of reduction of capital.   The shipowner will see it reduce payments to creditors as it raises KRW 850bn ($785m) through a


S. Korea Okays Salvage Sunken Sewol Ferry

 Photo by Lee Ji-hye

 South Korea has approved plans to salvage a sunken ferry that capsized last year in the Yellow Sea killing over 300 people, Public Safety and Security Minister Park In-yong said.    Last April's disaster happened off the southern coast of Jindo, South Jeolla Province


Colombia Frees Chinese Ship with Weapons for Cuba

Pic by Cosco Shipping Co Ltd

 Colombia has licensed a Chinese Language ship to set sail after it was caught carrying One Hundred tonnes of explosives to Cuba illegally, the prosecutor’s workplace stated, though it continues to carry the vessel’s captain pending a felony investigation, reports Reuters.


DOF Subsea to Launch AUV Service

Sean Halpin (Photo: DOF Subsea)

Integrated subsea services provider DOF Subsea will stage the European launch of a new addition to its suite of services next week.   During the Ocean Business event at the National Oceanography Centre in Southampton, U.K. from April 14-16, the company will showcase its newest service


Cosco to Order 10 Triple-E Megaships

Cosco ship: China Shipbuilding Industry Association

 China's shipping and ports giant China Cosco Holdings is planning to order at least 10 Triple-E megaships capable of moving 19,000 containers apiece as the shipping and port giant seeks to dominate major ocean trade routes, The Wall Street Journal reported, citing unnamed sources.  


Shell Seeks Removal of Activists from Oil Rig

Royal Dutch Shell Plc said it has filed a complaint in federal court in Alaska seeking an order to remove Greenpeace activists who climbed aboard an oil rig in the Pacific Ocean bound for the Arctic on Monday in a protest against Arctic drilling.


NOAA to Explore Depths of Caribbean Sea

Okeanos Explorers dual-body ROV system is loaded from the aftdeck of the ship into the water before conducting an exploration dive. (Credit: NOAA)

Public can watch seafloor discoveries live online April 9-30. Beginning April 9, scientists aboard NOAA Ship Okeanos Explorer will begin a series of 20 dives to investigate previously unseen depths of the Caribbean Sea and Atlantic Ocean – and the public can follow along online.


Greenpeace Activists Refuse To Leave Shell Arctic Oil Rig

Greenpeace activists hang on a Shell oil rig on board the Blue Marlin. Photo by Greenpeace International

 "Shell wants activists off its rig. We want Shell out of the Arctic," says Annie Leonard, Greenpeace USA’s Executive Director.   Attorneys for Royal Dutch Shell PLC on Tuesday sued in federal court to remove six Greenpeace activists who boarded a vessel carrying an


LNG Barge: Conrad to Build Historic First

The first 2,200cbm LNG Barge for North America will deliver in 2016. Image: GTT

WesPac Midstream LLC (WesPac) and its affiliate Clean Marine Energy LLC (CME), announced a construction contract with Conrad Orange Shipyard, Inc., a division of Conrad Shipyard, LLC, to build the first dedicated LNG bunker barge for the marine market in North America. The first 2,200 cu. m


Wheat Ship Barred from Entering Yemen Port

Warships from the Saudi-led coalition have blocked a vessel carrying more than 47,000 tonnes of wheat from entering a Yemeni port, demanding United Nations guarantees that the cargo would not go to military personnel, shipping sources said on Thursday.  


'Great Dying' Caused by Ocean Acidification

Ocean Acidification Illustration. By NOAA Pacific Marine Environmental Laboratory

Meet global warming's sister. Although global warming often makes headline news, acidic oceans can also have devastating effects on Earth's environment. They once triggered the "Great Dying," which was Earth's worst-ever mass extinction.   


Rough Seas Sends Greenpeace Home

Greenpeace activists repelled from Seattle-bound oil rig. Pic provided by Greenpeace

 Six Greenpeace activists opposed to offshore drilling in the Arctic have abandoned a Seattle-bound drill rig they boarded in the Pacific Ocean six days ago.   Rough seas prompted the decision, Greenpeace said.  The protesters rappelled off the an oil rig leased by Royal Dutch


CMA CGM Upgrades Gulfbridge, Hispaniola Lines

Container shipping company CMA CGM Group announced its Gulfbridge service upgrade, and its Hispaniola feeder service optimization.    The CMA CGM Group upgrades its Gulfbridge service between the Gulf of Mexico and the Caribbean area


Silver Coins Worth $50 mln Recovered from WW2 Wreck

Marine salvage experts have recovered $50 million in silver coins from a ship sunk by a German submarine in 1942 as it was transporting the cash from India to London to help finance Britain's efforts in World War Two. Mauritius-based Deep Ocean Search






 
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