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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


Far East Holidays Cripple Shipbrokers' Forecasts

The panamax market is clouded by the prospect of Far Eastern holidays in less than two weeks, shipbrokers said on Wednesday. Brokers are unwilling to give forecasts beyond April 29 - the start of Golden Week. "We made it through Easter unscathed, but Golden Week is a different matter. Every year we're shocked at the slack trade, it's like we forget how important the Far Eastern market is," a broker said. Inquiry for Pacific basin panamaxes remained slow with modern tonnage hoping for $11


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 Energy Offshore Selects Ulstein PSVs

The vessels for Golden Energy Offshore are modern, high-spec, medium-sized PSVs based on the proven PX121 design. They have excellent station keeping capabilities, very low fuel consumption and enhanced environment profile. (Ship illustration courtesy of Ulstein)

Golden Energy Offshore has entered into a shipbuilding contract with Nantong Rainbow Offshore & Engineering Equipments Co., Ltd. (ROC) in China for the construction of two Platform Supply Vessels (PSVs) of the PX121H design from Ulstein, with the option to build two more vessels of the same


Golden Energy Offshore orders 2 PSVs

PX 121H design PSVs

 Golden Energy Offshore has entered into a shipbuilding contract with NANTONG RAINBOW OFFSHORE & ENGINEERING EQUIPMENTS CO.,LTD (ROC) in China for the construction of two PX121H Platform Supply Vessels (PSVs) from ULSTEIN, with the option to build two more vessels of the same design


Maersk Line named race partner for the Volvo Ocean Race

The world’s largest container shipping company, Maersk Line, is the official shipping partner for the Volvo Ocean Race, the pre-eminent round-the-world yacht race. The race takes place from 4 October 2014 to 27 June 2015. During the nine month race, seven 65-foot (19


Latest Shipbuilding Contracts Include VLCC Order for Philippine Yard

File image CCL3

In the latest Clarkson Hellas S&P Weekly Bulletin newbuilding orders are reported in Far East shipyards for a range of vessels as follows: Bulk carriers Clarkson Hellas understand that Golden Union have declared options for three further 81


Insider Novel Sheds New Light on Oil Spills

The Golden Tide, by John Guy

A new novel, The Golden Tide, written by global shipping industry insider John Guy, is now available on Amazon as a paperback and ebook for Kindle. The fast-moving book is easy to read and puts a well-informed and human context on what happens when a coastal community confronts an oil spill.


Sargasso Sea Protection: 11 Countries Pledge to Support Pact

Sargasso Sea image from video courtesy of SSA

Representatives from 11 countries and territories from North America, the Caribbean and Europe have committed support for the conservation of the Sargasso Sea eco-system for the benefit of present and future generations, informs the Sargasso Sea Alliance (SSA).


DryShips to Make US$500-Million Notes Offering

Greece's DryShips Inc. through its majority owned subsidiary, Ocean Rig UDW Inc., informs that it intends to offer $500 million in aggregate principal amount of senior notes due 2019 in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the


On Patrol: North River Boats

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ALMAR by North River Boats of Roseburg Oregon recently built and launched the first of three 29 x 10 ft. Liberty Walk Around vessels destined for the San Francisco area. The Liberty family of boats features a Wing Hybrid Foam/Air Fender protecting the exterior perimeter of the boat


Coast Guard Responds to Plane Crash Near Brunswick, Ga.

The U.S. Coast Guard (USCG) said in a news release that USCG boat and air crews are assisting the Georgia Department of Natural Resources in a search for survivors of a reported plane crash near Grant Creek on Mackay River, east of Golden Isles Aviation in St. Simons Island, Ga., Monday.


Royal Australian Navy Chairs Indian Ocean Symposium

IONS: Photo credit RAN

The Royal Australian Navy is currently chairing the group of world navies whose nations share boundaries with the Indian Ocean at he biennial Indian Ocean Naval Symposium (IONS) which was established in 2008 as a forum to increase maritime cooperation among the littoral states of the Indian Ocean


Israel's Zim Line Falls Deeper in the Red in 2013

Image courtesy of Zim Line

Revenues of Zim, Israel Corp's shipping unit, dropped 7 percent as overall freight rates declined by 9 percent in 2013 and its loss rose from US$ 433-million in 2012 to US$535-million in 2013, according to Xinhua. Container ship operators Zim Line


Ocean Osprey is Ready to Serve in Norway

Ocean Osprey (Photo: Zamakona Yards)

Zamakona Yards announced that the newly built vessel Ocean Osprey arrived to Scotland last week to soon begin operating in the Martin Linge offshore oilfields to support the works of Norwegian company Total E & P. Ocean Osprey was launched January 31 at Zamakona’s facility in Pasajes


Presentations Illustrate Dimensions of Accurate Marine Mapping

The Ocean Dimensions animation helps users visualize how ocean data can apply to several dimensions

Two new products—the Ocean Dimensions animation and Crowded Ocean Spaces: A 3D View visualization—explain why two-dimensional marine maps cannot tell the whole story. Understanding this fact helps viewers gain a more accurate picture of marine-siting conflicts and compatibilities


Northern Sea Route Usable 125 Days by 2050: New Report

Frontispiece image credit IPCC

The recently released Inter-governmental Panel on Climate Change (IPCC) report – ' Climate Change 2014: Impacts, Adaptation, and Vulnerability' – finds that the effects of climate change are already occurring on all continents and across the oceans


Recent Vessel Sales: March 2014

Reported – Vessel Name – DWT – Built (Age) - Price Millions USD Bulk Carriers 3/18 - AINO DAKE - 22,201 - 92 (22) - $4.5 3/11 - BAVARIAN TRADER - 23,483 - 95 (19) - $6.2 3/31 - HO XIN - 24,823 - 07 (7) - $13 3/18 - HARRIETT - 25,565 - 02 (12) - $8


 
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