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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


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


SFL Acquires Eight Bulk Carriers from Golden Ocean

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


SFL Acquires Eight Capesize Bulkers

Photo of VANGUARD Courtesy Ship Finance International Limited

  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


Antwerp Joins “One Belt, One Road” Taskforce

FOD Kanselarij van de Eerste Minister

“One Belt, One Road” is a Chinese development strategy launched at the end of 2013 that focuses on connectivity and cooperation among countries primarily in Eurasia.   The strategy has two main components, namely the land-based “Silk Road Economic Belt” and the


Ocean Safety’s New Liferaft Facility Opens

Photo courtesy of Ocean Safety

Ocean Safety, a specialist in the worldwide supply, distribution, service and hire of marine safety equipment, has opened a new liferaft hire division.   Ocean Safety trialed the liferaft hire programme for a year before confirming its initial success


Haiti’s Port Lafito Officially Opens

Haiti’s first Panamax Port Positioned to Benefit National Economy

  GB Group inaugurated their Port Lafito, a world-class modern container port in Haiti. They informed that the port is now open and operational. Port Lafito is Haiti’s first Panamax Port with state of the art equipment and technology


CMA CGM's OPDR Acquisition Approved by EU

The CMA CGM Group announced that the European Commission has approved its acquisition of OPDR. In order to finalize the acquisition, which was announced on November 25, 2014 by Jacques R. Saadé, founder, Chairman and Chief Executive Officer of the CMA CGM Group


Abu Dhabi Wins Volvo Ocean Race's In-port Series

June 27, 2015. The final day of the 2014-15 edition of the Volvo Ocean Race. Abu Dhabi Ocean Racing during the prize giving following the Inmarsat In-Port Race in Gothenburg. Photo: Volvo Ocean Race

 Abu Dhabi Ocean Racing won the Volvo Ocean Race (VOR), despite pulling into the port of Gothenburg, Sweden, in fifth place on Monday.     The Emirates team, skippered by Walker, triumphed in the nine-month triennial race after finishing fifth in the ninth leg from Lorient to


Northern Offshore acquired by Shandong Offshore

Pic: Northern Offshore Ltd

 Offshore oil and gas drilling firm Northern Offshore Ltd. has reached agreement on the terms of a recommended $165m cash acquisition by Shandong Offshore International Company Limited.    The NOK7.59 per share offer by Shandong has been unanimously recommended by the board of


WOC Provides Industry Comments on U.S. NOP

WOC Logo

  The World Ocean Council (WOC) has submitted a paper synthesizing the common themes from industry comments on the U.S. National Ocean Policy (NOP). Initiated in 2010, the NOP calls for the protection, maintenance, and restoration of the health of ocean, coastal


Ocean Safety Inks Rescue Boat Distributor Deal

Photo courtesy of Ocean Safety

Ocean Safety, a company in the worldwide supply, distribution, service and hire of marine safety equipment, announced its appointment as sales and service agents for the full range of Narwhal SOLAS approved Rescue Boats.   Narwhal models include the SV-420, SV 480


China Says Indian Ocean Not Backyard of India

Image: US Navy

 The perception that Indian Ocean is India's "backyard" may result in clashes, Chinese military officials and experts have cautioned.    The Indian Ocean cannot be a backyard of India which navies of other countries could not visit


Crowley Takes Over Management of MSC Ships

USNS Victorious (Photo: MSC)

Crowley strengthens relationship with U.S. Navy, completes turnover of Military Sealift Command T-AGOS/T-AGM fleet   Crowley Maritime Corp. announced its global ship management group completed the turnover of the Military Sealift Command’s (MSC) T-AGOS/T-AGM fleet and is now


China's Navy holds Missile Combat Resupply Drill

China's navy held its first drill simulating the resupply of missiles in a combat environment in the Yellow Sea, the Defence Ministry said on Thursday, the latest sign of the country's growing military prowess. The live-fire exercises, involving ships, aircraft and land-based forces


Ocean Safety, Richard Irvin Marine Safety Merger

David Hale (left) and Aidan Morrissey (right) at their new facility

  Ocean Safety has today announced the merger with Richard Irvin Energy Solutions Marine Safety Division and their Aberdeen branch.   This merger follows the 3Si Group’s recent acquisition of both companies, which are set to combine premises in Aberdeen to operate from a single


Oceans Can’t Take Any more: Researchers Fear Fundamental Change

To date, the oceans have essentially been the planet’s refrigerator and carbon dioxide storage locker.

  Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely irreversible impacts on marine ecosystems, which would especially be felt in developing countries


New Binding Law of The Sea Agreement Advanced

  WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N. General Assembly (UNGA) last week adopted a formal resolution to develop a legally-binding treaty for the conservation of marine


Port Lafito Officially Opens

Image by GB Group

 GB Group, a diversified group of industrial and trading companies, has announced that Port Lafito, a world-class modern container port in Haiti, is open and operational.   Port Lafito in Haiti officially opened on 2 July in a ceremony attended by the country’s president among






 
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