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Golden Ocean, Knightsbridge Set for Merger

Pic by Knightsbridge Shipping Limited

 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.  


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


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.


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.


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


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


NASSCO’s New Product Carrier Goes to Sea

The-NASSCO-built-M-T-Golde_web.jpg

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.  


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


USCG, Agencies Respond to vessel taking on Water

Courtesy USCG

  Coast Guard members and local agencies responded to a fishing vessel taking on water with two people aboard west of Alcatraz Island in San Francisco Bay Wednesday afternoon. At 1:28 p.m., Coast Guard Station Golden Gate watchstanders received a VHF-FM radio transmission on channel 16


Golden Ocean CEO: Dry Bulk Shipping Market May Rebound

Herman Billung (Photo courtesy of Golden Ocean)

Dry bulk shipping charter rates remain well below break even levels, pushing vessel scrapping to record highs, though some market improvement is expected in the second quarter, Herman Billung, the CEO of shipping firm Golden Ocean said. Dayrates have plunged as China's slowdown reduced its iron


USS Mount Whitney Wins Golden Anchor Award for Retention

Sailors stationed aboard the U.S. 6th Fleet command and control ship USS Mount Whitney (LCC 20), paint the ship’s anchor gold during the golden anchor ceremony March 19, 2015. The golen anchor signifies an outstanding reten

  The crew of the U.S. 6th Fleet command and control ship USS Mount Whitney (LCC 20), painted the ship’s anchor gold March 19, 2015, after being awarded the Retention Excellence Award, for fiscal year 2014. Throughout the year, Mount Whitney maintained an overall retention rate of 88


Golden Ocean and Knightsbridge Complete Merger

Image courtesy of Golden Ocean

  The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company, which will be called Golden Ocean Group Limited


Fugitive Treasure Hunter Arrested in Florida

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


Dry Bulk Shippers to Coordinate Chartering

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


L-3 SAM Electronics to Supply Navigation System for Greek Luxury Yacht

An artists rendering of Golden Yacht Ltds O’Pari3 (Photo courtesy of SAM Electronics)

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


Ulstein Delivers PSV Blue Queen

Blue Queen (Photo: Ulstein)

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.


Indonesia Upbeat Ahead of IORA Chair

Pic: Indian Ocean Rim Association (IORA)

 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


Ulstein Verft Delivers 'Blue Queen’

Blue Queen is delivered from Ulstein Verft. (Photo Per Eide Studio)

  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.


VLCCF - 4Q & FY 2014 Results

Photo by Knightsbridge Shipping Limited

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


Satellite Images Reveal Ocean Acidification

Pic: National Oceanic and Atmospheric Administration (NOAA)

 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


Rushton Gregory Inks Gemeco Marketing Deal

Gemeco Marine Accessories is a wholesale distributor to thousands of marine electronics dealers throughout the USA and abroad.

  Rushton Gregory Communications announced today the latest addition to its industry-leading client roster, Gemeco Marine. Based in Lake City, South Carolina, Gemeco has over 30 years of experience serving the marine electronics industry as experts in the selection


India Reclaims the Indian Ocean

Narendra Modi in Seychelles by PMO India

 Indian Prime Minister Narendra Modi's visit to three Indian Ocean countries is a bid to bolster India's economic and security ties in a region where Beijing has been making inroads in recent years.    New Delhi’s influence in the region has been eroding in the face of a


Modi Makes Waves in Indian Ocean

Indian Prime Minister Narendra Modi offering prayers at the Naguleswaram Temple, in Jaffna, Sri Lanka (Photo by Press Information Bureau, Government of India)

 Indian Prime Minister Narendra Modi has arrived back home after five days tour of three Indian Ocean countries.  His tour has served to reclaim some of New Delhi’s lost footing in the area.   New Delhi accepts that India can less afford its past passivity regarding its






 
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