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.
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 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
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
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.
Board to expand to eleven from eight; seven New Board Members Join Four Existing Directors; Four Directors Retire. Horizon Lines, a domestic ocean shipping company, today announced that it will expand its Board of Directors to 11 members from eight, effective November 25, 2011. In conjunction with the expansion, seven new directors will be appointed and four of the existing eight directors will retire. The board changes and expansion are as follows:
Classification society ClassNK and Rio Tinto Iron Ore (part of the Rio Tinto Group, one of the world’s largest metal and mining companies), announced that they have signed a collaborative agreement focused on the safe carriage of iron ore.
Lake Huron Chartering announce that criminal charges filed in Houston, Texas against three of its executives have been granted dismissal. As of June 10, 2013, indictments and charges against Alireza Etessami, Gustavo Gimeno and Denny Martinez have been dropped.
Marcon International, Inc. of Coupeville, Washington reported that Tiong Woon Marine Pte. Ltd. of Singapore has sold their 3,000BHP twin screw tug Tiong Woon Ocean 15 (ex-Uni Haul Ruth) to Latin American interests. The 31.0m x 9.0m x 4.5m depth / 3
DryShips Inc., a global provider of marine transportation services for drybulk and petroleum cargoes and through its majority owned subsidiary, Ocean Rig UDW Inc., of offshore deepwater drilling services, announced that it has suspended purchases under its previously announced program of at the
Scorpio Bulkers Inc. has entered into agreements to purchase five Kamsarmax dry bulk vessels currently under construction in a Chinese shipyard as listed below: Yard
In response to the ongoing threat of piracy in shipping, France and Japan are allowing armed guards on their ships, said U.K. maritime security company GoAGT. Gerry Northwood OBE, Chief Operating Officer for the company, said, “Countries that have not adopted these procedures yet should
Eastern Shipbuilding Group, Inc. announced the delivery of the M/V Bravante V (Hull 155) on Friday November 29, 2013, to Boldini S.A., Bravante Group of Brazil. The Bravante V is the first STX SV290 design of five vessels in a series which are all ABS, SOLAS, DPS-2, AC Diesel-Electric powered
Planet Ocean inform that they are supporting the UK Met Office and Plymouth Marine Laboratory to gather real-time Met-Ocean Data with their AXYS Watchman (WM-500) data acquisition and telemetry systems. The WM-500 can be configured to control a large variety of
When it came to the hull coating for its newest tug, the TundRA 100, the most powerful harbor tug ever to be built in Canada, Group Ocean chose Ecospeed, a nontoxic, hard, long-lasting coating with very high abrasion resistance, suited to tugs and to ice-going vessels of all types.
The National Science Board has authorized the National Science Foundation to enter into a cooperative agreement with Texas A&M University to continue managing the International Ocean Discovery Program (IODP) and operating its scientific research vessel 'JOIDES Resolution'
Oceanteam Shipping ASA (OTS) confirm the extension of the bareboat charter of their 'CSV Southern Ocean' by Fugro TS Marine Australia until the end of 2018. CSV Southern Ocean is a large construction support vessel jointly owned between Bourbon Offshore Norway AS and Oceanteam Shipping ASA
NATO’s counter-piracy Operation Ocean Sheild warship UPS Hetman Sagaidachny of Ukraine boarded a skiff with seven suspected pirates aboard in the Internationally Recommended Transit Corridor (IRTC). As the Ukrainian boarding team approached
The Marine Spill Response Corporation (MSRC) announced an exclusive contract with Ocean Imaging Corporation for cutting edge remote sensing capability. Ocean Imaging will provide its proprietary aerial surveillance technology as part of MSRC’s overall strategy for enhancing the ability to
An Ocean Signal rescueME PLB1 was key to saving the lives of two people after a dramatic rescue in the Atlantic Ocean. Sandy Williamson and his crew, Corey, activated their Ocean Signal personal locator beacon when their 22-foot yellow catamaran started taking on water about 20 nautical miles
The unprecedented rate of ocean acidification is one of the most alarming phenomena generated by climate change and the only way to mitigate the dangers it represents consists in reducing CO2 emissions significantly. This is the conclusion of the summary of the Third Symposium on the