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.
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
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
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
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
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
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
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
Theyr Ltd, a premium weather-forecasting provider, specializing in the maritime and wind energy sectors, announced today the launch of its Digital Precision Weather and Ocean Forecasting app for the professional mariner, GRIBview mobile
Zamakona Yards informs its Astilleros Zamakona shipyard will deliver new build EuskadiI Alai, the third tuna freezer vessel ordered by the Echebastar Group to the Bermeo Group Echebastar on Saturday at the maritime cruise station in Getxo, Port of Bilbao.
Iceland was not involved in the creation of the new joint cooperation agreement on fishing in the Arctic Ocean, and insists it should be included. The five nations involved in the agreements since 2008 all have coastal boundaries with the Arctic Ocean
While searching for baby lobsters no bigger than a 50-cent piece, Australian researchers discovered a series of giant volcanoes off the coast of Sydney. The four previously unknown volcanoes, which are now extinct, are situated about 250 kilometres off Sydney in about five kilometres of
Indian Navy's stealth frigate INS Teg is on a two-month long deployment in the South Indian Ocean to provide surveillance support in the region, a Government of India Ministry of Defence official statement said. It will also be patrolling the Mauritian exclusive economic zone
Norway’s Ocean Yield ASA has agreed to acquire four 115,000 dwt LR2 product tankers which are currently on order from Navig8 Product Tankers at Sungdong Shipbuilding in Korea. Ocean Yield has agreed to acquire the product tankers for a total consideration of USD 198
Ten environmental groups say a missing icebreaker should be a deal-breaker for Arctic offshore drilling by Royal Dutch Shell PLC off Alaska's northwest coast and urged the U.S. government not to grant final permits to Shell, reports Reuters and AP.
CargoSmart Limited, a global shipment management software solutions provider that leverages big data for greater visibility and benchmarking, has announced Big Schedules, a new sailing schedule search platform that helps shippers and logistics service providers manage and visualize their ocean
Environmental activists in the U.S. prepare to take their so-called “kayaktivism” nationwide as they urge lawmakers to revoke oil and gas exploration leases in the Chukchi Sea, says environmental group Friends of the Earth. The group’s “Shell No” day on July 18
Five nations set moratorium on fishing near North Pole; no fish there now, but thaw is drawing stocks north. The United States, Russia and other Arctic nations signed an agreement deal on Thursday to bar their fishing fleets from fast-thawing seas around the North Pole
A flotation of a minority stake could value the world's fourth-largest shipping group German-Chilean Hapag-Lloyd AG at more than 5 billion euros ($5.5 billion) and could take place as early as autumn. Hapag-Lloyd AG has already mandated investment banks Deutsche Bank AG
Robust development of recent years supported by strong operating results: Mutual club pedigree enhances Insurer’s stature in fixed premium sector Eagle Ocean Marine (EOM), the specialist fixed premium P&I and FD&D (Freight
The final phase of a competition to develop novel adaptive autonomous ocean sampling network (AAOSN) management systems for the National Oceanography Centre (NOC) is now underway. Two UK consortia will move forward to develop systems capable of coordinating a suite of marine autonomous vehicles
Two Chinese shipping giants are likely to sign agreements with Cambodia's Sihanoukville Autonomous Port (SAP), paving the way for exporters to move cargo directly from Cambodia to China, Xinhua reported. Both Cosco and China Shipping are expected to sign with Sihanoukville Autonomous
A piece of legislation aiming to stop offshore Arctic drilling was introduced last week by Oregon Senator Jeff Merkley. The legislation, entitled Stop Arctic Ocean Drilling Act of 2015, would prevent new or renewed leases for the exploration, development or production of oil