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Golden Ocean News

02 Jan 2024

Golden Ocean Names Svensen CEO

(File photo: Golden Ocean Group)

Oslo-headquartered dry bulk shipping company Golden Ocean Group announced its board has appointed Lars-Christian Svensen as CEO, effective January 1, 2024.Svensen had been serving as interim CEO following the resignation of the company's previous CEO, Ulrik Andersen, in June 2023.Svensen joined Golden Ocean as chief commercial officer in December 2020 and was previously senior vice president in Norway and president of U.S. trading activities in Seattle for Western Bulk. Before that, he was a downstream analyst for Petredec and a tanker broker for Cmarine Services PTE Ltd. in Singapore.

06 Jun 2023

SeaTankers Taps Danelec for Ship Performance Monitoring

(Image: Danelec Marine)

Denmark-based maritime safety, data collection and ship performance monitoring company Danelec Marine reports it has completed a turnkey project from installation to commissioning of a cloud-connected ship performance monitoring solution on +120 merchant ships operated by SeaTankers Group (Frontline, Golden Ocean Group, SFL Corp, Avance Gas, FlexLNG).The solution, which combines Danelec’s Kyma Shaft Power Meter, Vessel Remote Server (VRS) and DanelecConnect maritime IoT infrastructure…

01 Jun 2023

Golden Ocean CEO Steps Down. Interim CEO Appointed

Dry bulk shipowner Golden Ocean Group Limited has informed that Ulrik Andersen, Chief Executive Officer of Golden Ocean Management AS, has decided to step down from his position. The Board has appointed Lars-Christian Svensen, Golden Ocean’s Chief Commercial Officer, to take the role as Interim Chief Executive Officer of Golden Ocean Management AS. "Lars-Christian has a solid background within the industry and a profound understanding of the Company and its organization. The Board is confident that this new appointment will ensure a successful and seamless transition of the role. Mr. Andersen will be available for the company till September 1st, 2023," Golden Ocean said."I would like to thank Ulrik for his contribution to Golden Ocean.

14 Mar 2023

TFG Marine Targets 20% Bunker Sales Rise through Expansion

© Kirk / Adobe Stock

TFG Marine, majority owned by commodities trader Trafigura, aims to increase its marine fuel sales volume by up to 20% this year through expansion in Africa, the UK and the Mediterranean, a senior company executive said.The fuel supplier is looking to expand its volumes to 11-12 million tonnes, up from about 10 million tonnes in 2022, its head of bunkering Kenneth Dam told Reuters on the sidelines of the Fujairah Bunkering and Fuel Oil Forum (FUJCON) 2023.It plans to expand operations in several existing and new markets…

13 Feb 2023

Golden Ocean Acquires Six Bulk Carriers

Dry bulk shipowner Golden Ocean Group on Monday announced it has entered into an agreement to acquire six 208,000 deadweight tons (dwt) Newcastlemax vessels for a total consideration of $291 million. The newly-acquired vessels—each equipped with exhaust gas cleaning systems, or scrubbers—will be chartered back to their former owner, an unrelated third party, for approximately 36 months at an average daily time charter equivalent rate of approximately $21,000 net.Following the acquisition, Golden Ocean will be the world's largest publicly-listed dry bulk company in terms of dwt."This acquisition cements our position as the largest owner of modern Capesize vessels.

08 Jul 2022

Golden Ocean Orders Three Kamsarmax Newbuilds, Sells Two Ultramaxes

Dry bulk shipowner Golden Ocean Group on Friday announced it has entered into agreements for the construction of three bulk carrier newbuilds, as well as for the sale of two owned bulkers.The newbuilds will be 85,000 dwt ECO-type dual-fuel Kamsarmax vessels constructed at the same Chinese shipyard group as the company's seven previously contracted newbuilds. Deliveries are scheduled to take place from the third quarter of 2024 through the first quarter of 2025.The aggregate sale price of the Ultramax vessels Golden Cecilie and Golden Cathrine is $63 million, and Golden Ocean said it expects to record a gain of approximately $22 million from sale and receive net cash proceeds of approximately $41 million in late Q3/early Q4 2022.

08 Mar 2022

Golden Ocean Sells Three Panamaxes

Dry bulk shipowner Golden Ocean Group Limited announced on Tuesday it has sold three Panamax vessels to an unnamed buyer for a combined $52 million.The three vessels, Golden Empress, Golden Enterprise and Golden Endeavour, were delivered in 2010 and 2011 and are among the oldest in the Golden Ocean fleet.The company said it expects to record a gain from the sales of approximately $9.6 million in the second quarter of 2022. Aggregate net cash proceeds of approximately $30.7 million are expected to be received in the second quarter of 2022, when the vessels are delivered to their buyers.Over the past 15 months, Golden Ocean has sold seven older Panamax vessels…

11 Oct 2021

Golden Ocean Sells Two Panamaxes, Orders Four Kamsarmaxes

Dry bulk shipowner Golden Ocean Group Limited announced Monday it has sold two older Panamax vessels and placed orders for the construction of four Kamsarmax vessels.The aggregate sale price of the vessels Golden Opportunity and Golden Endurer is $37.2 million, and the company said it expects to record gain from sale of approximately $4.9 million in Q3 2021 and $5 million in Q4 2021 and receive net cash proceed of approximately $22.2 million in Q4. The net cash proceeds will fund close to half of the estimated required equity for the Kamsarmax vessels, the company said, adding that the balance will be funded through cash on hand and long-term debt financing to be secured closer to delivery.The four Kamsarmax vessels are 85…

29 Sep 2021

Weathernews Teams Up With VPS

WNI’s advanced weather forecasting solutions harness the power of AI supported by human intelligence and logic. Photo: WNI

Weathernews Inc (WNI) said it has joined forces with Vessel Performance Solutions (VPS) to integrate performance data from ship systems with its weather routing system to help improve voyage planning.The VESPER software platform by VPS records continuous performance data from the hull and propellers, main and auxiliary engines and boilers to determine speed, RPM and fuel consumption estimates that can be accessed within WNI’s Optimum Ship Routing (OSR) service.“This raises the…

09 Sep 2021

Golden Ocean Orders Dual-fuel Ready Dry Bulk Vessel Trio

Illustration - Credit: Volodymyr Kyrylyuk/AdobeStock

Oslo-listed dry bulk shipowner Golden Ocean has ordered three "high-specification latest generation" 85,000 dwt ECO-type Kamsarmax vessels,which will be constructed at an unnamed "first-class" Chinese yard. Golden Ocean said the vessels would feature the latest and most efficient propulsion system, contributing with significant improvements in fuel consumption and emissions performance. The vessels will be dual-fuel ready, giving the company time to evaluate alternatives while…

10 Aug 2021

Golden Ocean Exits CCL Pool Joint Venture

Dry bulk shipping company Golden Ocean Group Limited on Tuesdat announced it has terminated its relationship with Capesize Chartering Ltd. (CCL), a joint venture to coordinate the Capesize spot chartering services of Golden Ocean, Starbulk, CTM and Bocimar.Ulrik Andersen, CEO of Golden Ocean Management AS, said, "We have enjoyed our close cooperation with our CCL partners over the last five years. CCL was formed in 2016 to achieve greater commercial scale amid a challenging commercial environment. "Since then, the market has improved, and Golden Ocean has significantly expanded and modernized its fleet, most recently with the acquisition…

16 Mar 2021

Awilco LNG Names New CFO

Oslo-listed LNG tanker operator Awilco LNG has appointed Per Heiberg as its CFO. Heiberg will assume his new position on April 6, 2021.The news follows the announcement from October 2020, when CFO Øyvind Ryssdal gave his notice of resignation.Heiberg comes from the position as CFO in Golden Ocean Group Limited where over his 15-year career also held the positions as Risk Manager and Vice President Finance."The Board and I are very pleased to have Mr. Per Heiberg onboard as CFO in Awilco LNG. His long and varied experience from the financial side of shipping will no doubt be an asset for the Company going forward,” said Awilco LNG CEO Jon Skule Storheill.Awilco LNG owns two 156,000 cbm TFDE membrane LNG vessels; WilForce and WilPride.

18 Feb 2021

Golden Ocean to Acquire 18 Modern Dry Bulk Vessels

For illustration only - Credit: mrnai/AdobeStock

Dry bulk shipping company Golden Ocean Group has entered into a Heads of Agreement to acquire 18 modern scrubbers fitted dry bulk vessels from affiliates of John Fredriksen's Hemen Holding, which is Golden Ocean's largest shareholder, for $752 million.Of the 18 vessels, ten are Newcastlemaxes built 2019-21, and eight are Kamsarmaxes built 2020-21 "The transaction will add significant scale to Golden Ocean’s operating fleet, contribute to reducing cash breakeven levels and is in line with the company's fleet renewal strategy…

11 Nov 2020

Golden Ocean Names Svensen as Chief Commercial Officer

Dry bulk shipping company Golden Ocean Group Limited announced Wednesday that it has appointed Lars-Christian Svensen as Chief Commercial Officer of Golden Ocean Management AS effective December 1. Svensen, who is based in Oslo, most recently worked for Western Bulk, an asset-light dry bulk operator, where he was responsible for South Atlantic and U.S. Gulf chartering operations.Ulrik Andersen, Chief Executive Officer of Golden Ocean Management AS, said, "We are extremely pleased to welcome Lars-Christian to our team. His proven experience managing a chartering environment that leveraged digitalization, analytics and risk management aligns with Golden Ocean’s approach and will help to further our high-quality chartering operations.”Svensen said…

21 Sep 2020

OSM Nears Deal to Acquire SeaTeam

© photobar / Adobe Stock

Norway-based ship management company OSM Maritime said Monday that it is nearing a deal to acquire Singapore-headquartered competitor SeaTeam Management from Frontline Ltd and Golden Ocean Group Limited.The acquisition, which is in final negotiations and remains subject to definitive documentation, is expected to be completed within the next 30 days, OSM said.“We look forward to finalizing our agreement with Frontline and Golden Ocean, after engaging in a very constructive dialogue,” said Tommy Olofsen, chair of OSM Maritime.

07 Sep 2020

Golden Ocean CFO Resigns. Successor Joins from Avance Gas

Dry bulk shipping company Golden Ocean Group said Monday that Per Heiberg, Chief Financial Officer of Golden Ocean Management AS, had resigned.Heiberg has held the CFO since April 2016 and has worked for the company in various capacities since July 2005.Oslo-listed Golden Ocean, which owns or controls a fleet of 78 dry bulk carriers, has appointed Peder Simonsen as the new CFO of Golden Ocean Management AS. Simonsen was most recently the Chief Financial Officer and Interim Chief Executive Officer of Avance Gas AS, a company specializing in very large gas carriers.Before joining Avance Gas AS in 2014, he was First Vice President at Nordea Bank Norge ASA, where he worked with large shipping and offshore companies.

03 Sep 2020

Seatankers Hires Investment Chief, Invites Outside Capital

Seatankers, the powerful holding company of Norwegian-born billionaire John Fredriksen, said on Thursday it had hired a veteran fund manager to broaden the group’s portfolio and bring in outside capital in a new unit.Vegard Soeraunet, until recently an investment director at Norway’s ODIN Fund Management, will be in charge of “long-term and active ownership” outside of Seatankers’s shipping and offshore oil services industries, the company said.“Getting the opportunity to take this to the next level with a new structure under Seatankers, is a great opportunity,” Soeraunet said in a statement.It was the second key appointment at Seatankers in recent days following the August 28 naming of a hedge fund manager as its new chief executive.While Fredriksen initially built his fortune from shippi

28 Aug 2020

Seatankers Names Svelland as New CEO

A Seatankers Ship - Credit: M.L. Jacobs

Norwegian-born billionaire John Fredriksen appointed a hedge fund manager on Friday as next head of his family's key holding company, which controls assets ranging from oil tankers and rigs to real estate, fish farming, and finance.Fredriksen, 76, said Tor Andre Svelland, 53, will become chief executive of Seatankers Group, top shareholder of world number one salmon producer Mowi, tanker firm Frontline and offshore driller Seadrill.Seatankers also controls dry bulk shipper Golden Ocean and real estate firm Norwegian Property…

22 Jun 2020

New TFG Marine CEO to Leave in September

Anders Gronborg (Photo: Trafigura)

The new chief executive of Trafigura's marine fuels joint venture TFG Marine will leave the business at the end of September, the company said on Monday without disclosing the reason for his departure.Anders Gronborg was appointed CEO in April after ending a 27-year career at World Fuel Services in 2018.The company and Gronborg have agreed to part in a "mutually agreed exit", a company spokeswoman said in an emailed statement, adding that his last day will be Sept. 30."The Board…

27 May 2020

Pangaea Takes Top Spot in Dry Bulk Benchmark Study

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.

21 Apr 2020

Singapore Adds Minerva Bunkering and TFG Marine to List of Bunker Suppliers

Singapore port - Image by anekoho / AdobeStock

The Maritime and Port Authority of Singapore (MPA), home the world's top marine refueling hub, said it has awarded two new bunker supplier licenses to Mercuria's Minerva Bunkering and Trafigura's TFG Marine."MPA and ESG welcome the entry of Minerva Bunkering and TFG Marine, which will consolidate Singapore's position as the global bunkering and oil trading hub," the MPA said in a joint statement with Enterprise Singapore (ESG).The licences are the first to be issued by the port regulator since 2017, bringing the total number of licensed bunker suppliers to 45 in Singapore, and come after the M

07 Apr 2020

Golden Ocean Names Andersen CEO

Dry bulk shipping company Golden Ocean Group said its board has appointed Ulrik Uhrenfeldt Andersen as the new Chief Executive Officer of Golden Ocean Management AS with effect from Tuesday April 14, 2020.Andersen comes from a position as Chief Executive Officer of Avance Gas AS and previously worked as Head of Shipping for Petredec, Managing Director for Neu Gas Shipping and Head of the Maersk VLGC Pool.

01 Apr 2020

TFG Marine Names New CEO

Trafigura's marine fuels joint venture TFG Marine said on Wednesday that Anders Gronborg had been appointed as its chief executive to oversee expansion efforts.Gronborg ended 27 years at World Fuel Services in 2018, most recently as global head of marine fuel supplies.He also served as senior vice president and board member for World Fuel Services affiliates.Trafigura holds a majority stake in TFG, whose other two owners are tanker firm Frontline and dry bulk carrier Golden Ocean. (Reporting by Julia Payne; Editing by Alexander Smith)

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