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
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.
Fruit of the Orient
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.
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
Viking Goes Blue Water
Viking Cruises launch Viking Ocean Cruises, the first new cruise line in nearly a decade. Developed from the ground up to return the focus of cruising to the destination, Viking Ocean Cruises will begin sailing in May 2015 with its first vessel—Viking Star—embarking on maiden voyages
Coast Guard Cadets Navigate 'Eagle' by Sextant
US Coast Guard cadet training barque ‘Eagle’ completes its first week of the cadet summer training deployment in the Atlantic Ocean. Eagle left its homeport in New London, Conn., and sailed more than 600 miles headed to the Caribbean while under sail power and using celestial
National Maritime Day Celebrates Role of Merchant Mariners
National Maritime Day is May 22; & this year celebrates the thousands of civilian mariners who support freedom as part of the Navy’s Military Sealift Command. Rear Adm. T.K. Shannon , commander, Military Sealift Command, wrote in honor of Maritime Week 2013 that began Sunday:
China Gains Formal Arctic Council Recognition
At the recent 8th Ministerial Meeting of the Arctic Council, China and another 5 states were granted observer status in the organization. Founded in 1996, the group now has eight member states in the Arctic region, including Russia, the United States, Canada, Sweden, Norway, Finland
European Vessels Engage in Operation Against Piracy
Since April 2013, the Jeanne d'Arc group, composed of the Landing Helicopter Dock (LHD) Tonnerre, the Antisubmarine Frigate (ASF) Georges Leygues, the Light Surveillance Frigate (LSF) Nivôse, and the Off-Shore Patrol Vessel (OSV) Adroitare
Container Carrier Rate Wars Intensify
Ocean carriers cannot afford to operate services from Asia to Europe at rates which are between 25% and 30% lower than in January, says Drewry. Although the recent collapse of rates was excessive, it will not be reversed until carriers withdraw at least two more loops to North Europe –
U.S. DOJ: Pollution Settlement Nets $1 Million
$1 Million Settlement Enhances Land and Sea in the Eastern District of Texas. BEAUMONT, Texas — U.S. Attorney John M. Bales announced a settlement reached with a European shipping corporation has resulted in significant enhancements to nature conservation groups in the Eastern
Ocean Exchange Calls for Innovative Solutions
Solutions submitted to the third annual Ocean Exchange should have the potential to generate economic growth and increase productivity while reducing the use of nature’s resources and waste production. This year’s competition, with a theme of LEAP TO ZERO+
Eastern Shipbuilding Launches the M/V Bravante V for Boldini, S.A.
Eastern Shipbuilding Group, Inc. christened and launched the M/V Bravante V for Boldini S.A. of Brazil. The event was held on March 21, 2013 at Eastern’s Nelson Street facility with hundreds of Eastern employees and guests. Attending were Renato and Regina Nascimento
Bollinger Delivers Ocean Sun to Crowley
The third of four Ocean Class Tugs has been delivered to Crowley from Bollinger Marine Fabricators. The Ocean Sun is DP 2, measures 156 feet in length and is rated at 10,880 HP. The vessel is outfitted for long-range, high-capacity ocean towing, rig moves, platform and floating production
Latest US Navy Contracts
The Department of Defense, has issued the following relevant Navy contracts. Container ship charter Teras BBC Ocean Navigation Enterprise Houston, LLC, Bellaire, Texas, is being awarded a $9,847,700 firm-fixed-price contract with reimbursable elements, for the worldwide charter of one U.S
Large Dry Bulker Shipbuilding Prices Up in April
During April, 2013 new build prices for capesize, kamsarmax and ultramax vessels rose higher than in the previous month. Purchase prices for ships are often good indicators of financial health in the shipping industry. When shipping demand is expected to grow more than the supply of ships
New NOAA ROV On Ocean Trials
The 6,000-meter-rated remotely operated vehicle (ROV) system will be tested from 'Okeanos Explorer' in the 2013 field season. Dave Lovalvo, project manager for the NOAA Office of Ocean Exploration and Research’s Deep Submergence Group and his team has built and will be testing the ROV
New Scripps RV Honors Sally Ride
U.S. Secretary of the Navy Ray Mabus said the nation’s newest research vessel will be named R/V Sally Ride, in honor of the former UC San Diego faculty member who was the first American female astronaut and the youngest American to fly in space.
"Most Powerful" Rescue Vessel Commissioned
Aberdeen-based standby vessel operator Atlantic Offshore Rescue said it has commissioned what will be the U.K.’s most powerful emergency response and rescue vessel (ERRV). The Ocean Troll – which recently completed a long term charter with Statoil – has undergone a £2