Dry bulk shipping companies Golden Ocean Group Limited (GOGL) and the listed dry bulk shipping company in John Fredriksen's business empire Knightsbridge Shipping have chosen March 26 to hold a special general meeting and finalize the merger talks. If the shareholders approve the plan, the companies expect to conclude the merger by the end of March 2015, subject to the execution of certain definitive documents, customary closing conditions and regulatory approvals. Knightsbridge said the outlook for the sector in 2015 was looking weak, but it is pushing on in its merger with rival Golden Ocean Group Limited (GOGL). Knightsbridge and GOGL agreed to merge in October, but have now set a date to consult shareholders at special general meetings to be held on March 26. The combined company, with Knightsbridge as the surviving entity, will be renamed Golden Ocean Group Limited and will operate a fleet of 72 vessels, of which 34 are new buildings under construction as of December 31, 2014. Knightsbridge Shipping has said it is in the final stages of merging with Golden Ocean, and that the new company plans to consolidate in the sector. "The process to merge with Golden Ocean is entering into its final stage and the companies have called for special general meetings on 26 March, 2015," Knightsbridge said.
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
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.
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
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.
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.
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
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
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.
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)
Ocean acidification can now be seen from space, highlighting an ongoing danger of climate change and revealing the regions most at risk. Pioneering techniques that use satellites to monitor ocean acidification are set to revolutionize the way that marine biologists and climate
Knightsbridge Shipping Limited ( VLCCF ) reports net income of $5.2 million and earnings per share of $0.06 for the fourth quarter compared with a net loss of $6.2 million and a loss per share of $0.11 for the preceding quarter. Net income in the fourth quarter includes $6
On 24 February 2015, ‘Blue Queen’ a platform supply vessel of the PX121 design, was delivered to Blue Ship Invest from Ulstein Verft. This vessel is the first of two for which Norway-based Golden Energy offshore is awarded the ship management contract.
Indonesia is gearing up to turn its foreign policy focus westward when its role as Indian Ocean Rim Association (IORA) chair begins later this year, reports Jakarta Post. The country is ready to expand the promotion of President Joko “Jokowi” Widodo’s
Platform supply vessel (PSV) Blue Queen, of Ulstein’s PX121 design, was delivered to Blue Ship Invest from Ulstein Verft on February 24, 2015. This vessel is the first of two for which Norway-based Golden Energy offshore is awarded the ship management contract.
L-3 SAM Electronics has been awarded a contract to provide its NACOS Platinum Automation Navigation Control System aboard Golden Yachts Ltd's O’Pari3. Built at Lamda Nafs Shipyard, Greece, O’Pari3 is a new 72-meter, 1,166-gross-ton luxury megayacht that will be available for
Five dry bulk shipping firms, including shipping tycoon John Fredriksen's Golden Ocean will form a new venture to coordinate chartering services, hoping to reduce costs in a fragmented market, the firms said in a joint statement. The firms, including Golden Ocean, Bocimar International, CTM
An Ohio man who recovered as much as $400 million in gold from a shipwreck has been arrested in Florida after two years on the run and was scheduled to appear in federal court on Wednesday. Tommy Thompson was detained on Tuesday night at a Hilton hotel in west Boca Raton, Florida
Several of Ocean Rig UDW Inc. subsidiaries have entered into an omnibus agreement with ENI Angola S.p.A pursuant to which ENI has exercised its option to extend the contract for the drillship Ocean Rig Poseidon for a further one year until the second quarter of 2017.
The World Ocean Council (WOC) has announced its 3rd Sustainable Ocean Summit (SOS) to be held on 9-11 November, 2015 in Singapore. The SOS is the only international, multi-sector, business event dedicated to “Corporate Ocean Responsibility”
NOAA, partners reveal first images of historic San Francisco shipwreck, SS City of Rio de Janeiro NOAA and partners released three-dimensional sonar maps and images of an immigrant steamship lost more than 100 years ago in what many consider the worst maritime disaster in San Francisco history.
NOAA and its partners released 3D sonar maps and images of an immigrant steamship lost more than 100 years ago in what many consider the worst maritime disaster in San Francisco history. On Feb. 22, 1901, in a dense morning fog, the SS City of Rio de Janeiro struck jagged rocks near the present
Ocean Rig UDW Inc. a global provider of off-shore contract drilling oil services, today announced the following: On November 18, 2014, Ocean Rig’s $120 million loan to its majority shareholder, DryShips Inc. (―DryShips‖), was approved by a special committee of Ocean Rig’s Board of
Norway-based Golden Energy Offshore has entered into management contracts for two platform supply vessels (PSVs) under construction at Ulstein Verft for Blue Ship Invest (BSI). The PX121 designed vessels are due for delivery in the first quarter of 2015
Denmark's Maersk Oil, a unit of conglomerate A.P. Moller-Maersk , said on Monday oil production from the Golden Eagle field in Britain's North Sea had started. There are two Golden Eagle wells with potential to produce about 18,000 barrels of oil per day.