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
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.
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.
Crowley Maritime Corporation’s liner services group recently transported two massive electrical equipment enclosures with a combined weight of 196,000 pounds to San Juan, Puerto Rico. Crowley said the feat required shifting the company’s 580-foot triple-deck barge La Princesa
The researchers at the National Oceanography Centre (NOC) have investigated the nature of turbulence in the ocean beneath the Arctic sea-ice using recently released Royal Navy submarine data reports Science Daily. This meeting of oceanography and military intelligence has seen
Dry bulk shipping companies Golden Ocean Group Limited (GOGL) and the listed dry bulk shipping company in John Fredriksen's business empire Knightsbridge Shipping have chosen March 26 to hold a special general meeting and finalize the merger talks.
Spanish boat Mapfre has claimed victory in the Auckland leg of the of the round-the-world Volvo Ocean Race from Sanya, China, to Auckland. The Alicante-based yacht Mapfre edged out Abu Dhabi Ocean Racing - skippered by Briton Ian Walker - by just four minutes 25 seconds
The natural oscillations in the climate, which resulted in cooler Pacific Ocean waters, were partially behind the controversial global warming "pause", say researchers. However, this in no way suggests that the planet is now cooling
Ocean acidification can now be seen from space, highlighting an ongoing danger of climate change and revealing the regions most at risk. Pioneering techniques that use satellites to monitor ocean acidification are set to revolutionize the way that marine biologists and climate
Knightsbridge Shipping Limited ( VLCCF ) reports net income of $5.2 million and earnings per share of $0.06 for the fourth quarter compared with a net loss of $6.2 million and a loss per share of $0.11 for the preceding quarter. Net income in the fourth quarter includes $6
The crew of the Crowley-managed, 393-foot, heavy lift vessel Ocean Crescent recently provided assistance to five people aboard the damaged and drifting catamaran Rainmaker during a routine transit from Progresso, Mexico, to Halifax, Canada.
DryShips Inc. and through its majority owned subsidiary, Ocean Rig UDW Inc., of offshore deepwater drilling services, today announced its unaudited financial and operating results for the fourth quarter ended December 31, 2014. Fourth Quarter 2014 Financial Highlights
The US is keen in exploring great opportunities for co-operation on maritime issues with India, Admiral Jonathan Greenert, Chief of Naval Operations told members of the House Committee on Appropriations during a hearing, says a report by PTI.
Indonesia is gearing up to turn its foreign policy focus westward when its role as Indian Ocean Rim Association (IORA) chair begins later this year, reports Jakarta Post. The country is ready to expand the promotion of President Joko “Jokowi” Widodo’s
WesPac Midstream LLC (WesPac), a provider of energy infrastructure and liquefied natural gas (LNG) solutions, and its affiliate Clean Marine Energy LLC (CME), the global facilitator of tailored solutions for Emission Control Area (ECA) compliance
U.S. shellfish producers in the Northeast and the Gulf of Mexico will be most vulnerable to an acidification of the oceans linked to climate change that makes it harder for clams and oysters to build shells, a study said on Monday. The report said the two regions would be more at risk in coming
Neptune Orient Lines (NOL) has sold APL Logistics (APLL) to Kintetsu World Express (KWE) for $1.2 billion in a stunning deal that gives the Singapore-listed group a net gain of more than $900 million. The KWE Group considers the establishment of a management base that can compete on a
The World Ocean Council is partnering again with The Economist to help engage the ocean business community in upcoming events: For the third Arctic Summit, the WOC is working with The Economist to help ensure Arctic business community participation