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Golden Ocean

Acquisition of Four Capesize Newbuilding Contracts

Golden Ocean Group Limited has acquired two newbuilding contracts at Daehan Shipbuilding Co., Ltd., South Korea and two newbuilding contracts at Zhoushan Jinhaiwan Shipyard in China. The vessels of 170,000 dwt and 176.000 dwt respectively will be delivered between December 2008 and October 2009. The total purchase price for the four units is $296m. Given the continuous positive outlook for the global steel production and the age profile of the existing capesize fleet, the management has a positive market view for this sector going forward. The Board of Golden Ocean finds the combination of price and time of delivery attractive, and an additional step in its ambitious growth strategy. The company has been granted the option for an additional two vessels from each yard, and these vessels can be delivered within first half of 2010. The financing of the newbuildings will be accomplished through a combination of bank debt and liquidity generated from Golden Ocean. In addition sale and lease back structures will be considered.


Golden Ocean Halts Legal Action

Golden Ocean Group announced an end to its legal dispute with S.A. Marine Corp. of South Africa following a successful resolution. The announcement follows a capital injection of $41 million into S.A. Marine.


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.


Greek Shipping Company Gets Hit With Defaulted Junk Bonds

A Greek-owned shipping company said on Thursday it would seek damages from holders of its defaulted junk bonds who last week "arrested" one of the company's ships as security for a $175 million repayment claim. The 25,900 gt Ocelotmax has been held in the port of Pusan, Korea since August 4, and is unable to trade until released. Enterprises Shipholding defaulted on the bond's $7.76 million semi-annual interest coupon in July.


Golden Ocean Announces Vessel Sales

Golden Ocean Group Limited has agreed to get released from the bare boat agreements for the two 1990 built Panamax vessels M/V Golden Glory and M/V Golden Gem against purchasing the vessels for $11m per vessel. The company has agreed to sell the two vessels for net sale proceeds of $60m in total. Delivery to the buyers is expected to take place in September 2007. This transaction will give a positive addition to net income of approximately $23m


Golden Stena Weco Invests in Chinese Tanker

Golden Stena Weco recently invested in its first tanker within the framework of the newly established joint venture.   The 9,000 dwt tanker, called Golden Adventure, will be delivered from the Chinese shipyard Dongfang Shipbuilding in the next few days after reprofiling. “The Golden Adventure is the first tanker in our jointly owned fleet and will be employed in transporting Golden Agri’s palm oil cargoes mainly in Asia


Hall Elected President of PVA

Fred Hall was elected PVA 2002 President on Tuesday, February 19 during the PVA Annual Convention at MariTrends 2002 in Biloxi, Miss. Hall is Vice President and General Manager of the Bridgeport and Port Jefferson Steamboat Company, Port Jefferson, N.Y., a provider of ferry service across the Long Island Sound. This ferry service has been in business since 1883 and now operates three 100-vehicle/1000-passenger vessels


NY Ferry Grounded

The U.S. Coast Guard responded yesterday to a report of a ferry vessel aground near Liberty Island.  The Golden Sunshine, a 90-foot tourist transport based in New Jersey, ran aground on rocks on the northern side of Liberty Island while enroute to Manhattan at approximately 11:15 a.m. Coast Guard Sector New York received notification at 11:30. The vessel was towed into deeper water by a U.S. Park Police vessel. A New York Fire Department vessel was also on scene to assist in the tow


NASSCO’s New Product Carrier Goes to Sea

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The M/T Golden State departed on her inaugural sea trials on December 3.  The 600 ft ship was built in San Diego by General Dynamics NASSCO and is scheduled to be delivered to U.S. Shipping Partners in January 2009. The Golden State is the first ship of the “State” class and will be used in coastal trade, carrying petroleum and chemical products.  (www.nassco.com)


USCG Photo: Golden Seas Anchored Near Dutch Harbor

U.S. Coast Guard photo courtesy of Air Station Kodiak

The bulk carrier Golden Seas was towed into anchoring position in Broad Bay near Dutch Harbor by the tug Tor Viking II Dec. 7. The Tor Viking II rendezvoused with the Golden Seas and was able tow the ship more than 500 miles along the Aleutian Islands to safe harbor near Dutch Harbor.  


USCG Rescues 6 During "Round The Rock Alcatraz Challenge"

  The Coast Guard received a report of an overturned outrigger canoe with six persons aboard Saturday. A good Samaritan in the area maintained a visual on the boaters and recovered two of the crewmembers in the water.  Coast Guard Station Golden Gate launched a 47-foot Motor Lifeboat


Recent Vessel Sales: July 2014

Vessel sales for June 2014 (as of July 1) as prepared by Shipping Intelligence, Inc., New York. Date Reported – Vessel Name – DWT – Built (Age) – Price in Millions USD Bulk Carriers 7/28/14 - STHENO - 6,238 - 81(33) - $.4 7/28/14 - GAN SHUN - 6,844 - 99(15) - $1.1


Ocean Signal Appoints Furuno Italy Distributor

Photo courtesy of Ocean Signal

Communications and safety at sea specialist Ocean Signal has appointed FURUNO Italia S.R.L. as its new distributor for Italy.   Following confirmation of the new partnership, FURUNO is now able to market and supply the entire Ocean Signal range of products


Crowley Tug Participates in Rig Blackout Test

Ocean Sky tending to Noble drill rig John Day during blackout trials (photo by Captain Ward Davis)

Once again displaying their diversity for use in the domestic petroleum industry, one of Crowley’s four ocean class tugs, Ocean Sky, recently provided back-up station-keeping and holdback services during a routine blackout test of ultra-deepwater, semisubmersible oil rig Noble Jim Day in U.S


Hong Kong Sea Parade on 1 July 2014

A flag raising ceremony will be held at 0800 hours on 1 July 2014 at the Golden Bauhinia Square outside the Hong Kong  Convention and Exhibition Centre (HKCEC) to celebrate the 17th anniversary of the establishment of the HKSAR. During the ceremony


The High Seas Are Like a Failed State: Ocean Rescue Commission

Green Ocean: File photo

The health of the global ocean is in decline and an integrated rescue package needs to be applied over the next five years, according to The Global Ocean Commission, made up of former Heads of State, Government, ministers and prominent business leaders.


Ocean Freight Contract Management Post-P3

Intermodal container lift: File photo

The recent decision by Chinese antitrust authorities to block approval of the P3 Ocean Carrier Alliance has increased the demand for Ocean Contract Management. In response, Freightgate is offering free demonstration of its award winning Rate & Tender Management Tariff-Trek! Solution.


NOAA Reports 2011 Ocean, Great Lakes Economy Data

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NOAA’s newest output includes a feature on economics. The National Ocean Watch site features facts, charts, story maps and videos. It turns out that our maritime economy – commercial, recreational and everything in between – really matters.


Ocean Safety Sees Big Boost in Gas Business

Gas refilling and service centre at Ocean Safety, Southampton

Ocean Safety said it has been busy since gaining Lloyds Register approval to carry out hydrostatic pressure testing in accordance with TPED (Transportable Pressure Equipment Directive) and things are only set to get busier. During the past year Ocean Safety has noticed a steady increase in business


Maersk, UltraAqua Divest DESMI Stakes

DESMI Ocean Guard OxyClean ballast water treatment system (Photo courtesy of DESMI)

The partners behind DESMI Ocean Guard A/S today announced that A.P. Moller - Maersk A/S and UltraAqua A/S have sold their shares in DESMI Ocean Guard A/S to DESMI A/S. The transaction gives DESMI A/S full ownership of the company, which presently has two Ballast Water Treatment systems in its


Israeli gov't appeals court ruling on Zim in feud over debt deal

Israel's Finance Ministry said on Monday it appealed a court ruling that chipped away at its golden share in the country's biggest shipping company Zim, a move that could further delay a $3 billion debt restructuring plan. An Israeli court ruled last week the government could keep its golden


Zim Line Debt Restructuring Plan to Proceed

Zim container ship in terminal: Photo Zim Line

Israel's Finance Ministry and Israel Corp have reached a compromise regarding the government's "golden share" in the country's biggest shipping company Zim, paving the way for a $3 billion debt restructuring plan to move ahead. The government last week appealed an Israeli court ruling


Response Firm Coordinates Indian Ocean Rower Rescue

Rescue of injured rowboat crew member: Image courtesy of K Line

Global Rescue, a crisis response firm providing medical, security, evacuation, and travel risk management services, says it has coordinated the rescue of a rower from the middle of the Indian Ocean after he sustained severe burns. Ocean Row Events (ORE) crew member Shane Usher was successfully


Crowley Christens New DP2 Tugboat

Jennifer Legg christens Ocean Sky: Photo Crowley Maritime

Crowley Maritime Corp. said that the third of four tugboats in the Ocean-class series, Ocean Sky, has been christened in Houston. The ceremony served to formally welcome the third dynamic positioning (DP) tugboat to the company’s expanded ocean towing fleet


Danos Adds Environmental Services

Danos recently added an Environmental Services Division to the company’s collection of oilfield related services, which includes production workforce, construction, fabrication, coatings, instrumentation and electrical, and shorebase and logistics.






 
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