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
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
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
APL, part of the CMA CGM Group, received the 2016 Quest for Quality Award for its outstanding performance in the transportation and logistics industry in Orlando, Florida, USA. Ranked amongst the top 10 Ocean Carriers by Logistics Management
Canada confirmed on Monday it has found the wreck of HMS Terror, the second of two British ships lost in the disastrous Franklin Arctic voyage of 1845, and said the government will work closely with northern aboriginals on ownership of the artifacts.
Agility Logistics, a leading global logistics provider, has signed an agreement with Maersk Line, to cut CO2 emissions by 15% per container transported for Agility shipments by 2020. The agreement is part of Maersk’s Carbon Pact Challenge
Did you know that by 2050 there could be more plastics in the ocean than fish, if human habits don’t change? India Clean Seas Conference taking place in Goa, India (22-24 September), discussed what needs to be done to keep the oceans clean.
The Finnish government's innovation investment arm, Tekes, said that it is making a multi-year commitment to funding collaborative research and development of autonomous, unmanned ships to ply the world’s oceans in the not-so-distant future.
Tropical coral reefs lose up to two thirds of their zooplankton through ocean acidification. This is the conclusion reached by a German-Australian research team that examined two reefs with so-called carbon dioxide seeps off the coast of Papua New Guinea
In August 2016, CEVA Logistics honored Hamburg Süd with the Ocean Supplier of the Year award for 2015. CEVA is one of the world’s leading non-asset-based supply chain management companies. Hamburg Süd was recognized for its strong global relationship with CEVA in
Harris Pye Engineering Group completed repair works during the two-stage multi-million dollar Diamond Offshore demobilization project for its semi-sub rig Ocean Endeavor from the Black Sea, which completed its contract in January 2016. The initial phase of the repair work
International participants at a high-level conference on the world's oceans pledged more than $5.3 billion for conservation and designated vast areas as protected waters, U.S. Secretary of State John Kerry said on Friday. More than 90 countries took part in the two-day conference
Explorers have found the wreck of HMS Terror, the second of two British ships lost in the disastrous 1845 Franklin expedition to Canada's Arctic Northwest Passage, Britain's Guardian newspaper said on Monday. The Arctic Research Foundation
NOAA has released its final Ocean Noise Strategy Roadmap, which will guide the agency in more effectively and comprehensively managing ocean noise effects on marine life during the next decade. Sound is critical for the survival of many marine animals
All populated coastlines share a variety of pollution-related challenges. Those municipalities in the USA who engage in the discharge of waste water through ocean outfalls are subject to state and federal regulations requiring them to monitor the quality of the water near those structures and the
Further cooperation on maritime security in the western Indian Ocean area was discussed between members of International Maritime Organization (IMO) Secretariat and staff from the EU Critical Maritime Routes Indian Ocean (CRIMARIO).
French container shipper CMA CGM received Manuel Valls, Prime Minister of France, the CMA CGM Tower, Group headquarters in Marseille, Friday September 9. The Prime Minister was accompanied by Emmanuelle Cosse, Minister for Housing and Sustainable Habitat
1861 - USS Tyler and USS Lexington, support Gen. Ulysses S. Grants Army operations against strategic Paducah and Smithland, Ky. The ships mobile firepower assists in the capture of the cities, helping to preserve Kentucky in the Union. 1918 - In the first use of major-caliber naval guns in a