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Golden Ocean

SFL Acquires Eight Bulk Carriers from Golden Ocean

Ship Finance International Limited (SFL) has entered an agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited, the company announced today.   The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia, Golden Zheijang, Golden Future and KSL China and were built in Korea and China between 2009 and 2013. The total acquisition price will be $272 million, or $34 million on average per vessel. The vessels are expected to be delivered to Ship Finance within July 2015, subject to customary closing conditions.   The vessels will be chartered on a time-charter basis to a subsidiary of Golden Ocean for a period of 10 years. The daily base charter rate will be $17,600 during the first seven years, and $14,900 thereafter. In addition, there will be a 33% profit share for revenues above the base rate, calculated and paid on a quarterly basis. Golden Ocean will have a purchase option after year 10 of $112 million enbloc, and if such option is not exercised, Ship Finance will have the option to extend the charters by three years at $14,900 per day.   SFL’s charter backlog will increase by nearly $500 million and aggregate annual EBITDA contribution from the vessels, excluding profit share, is estimated to more than $30 million on average during the first seven years of the charter.  


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.  


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.


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


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


Fredriksen's Firms See Diverging Fortunes

Rig firm Seadrill sees tough market continuing in 2016. Firms in Norwegian-born billionaire John Fredriksen's empire saw contrasting fortunes on Tuesday, as rig firm Seadrill booked $1.8 billion in writedowns while tanker firm Frontline turned around its fortunes after years of turmoil. The shipping tycoon, nicknamed "Big Wolf" or "Big John" in the shipping industry, controls companies spanning offshore drilling, shipping of oil and dry bulk and salmon farming.


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 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


Maritime Services Become More Globalized

Image: Menon Business Economics

 Shipping is the premise for international trade and has always been an international industry. A central driver for the global shift has been the operational and technological development of the shipping industry, which has lowered transportation costs dramatically, says a report from Menon Business Economics.   With the emergence of standardized bulk carriers, oil and other raw materials could be traded globally


Radio Holland Installs NavCom Equipment on US Training Ship

Photo: Radio Holland

Radio Holland, part of the newly formed company RH Marine Group, has recently completed the installation of new radar and ECDIS equipment on the bridge of TS Golden Bear, the training ship of the California Maritime Academy. Radio Holland was awarded an initial contract from The United States


Outlook for Listed Dry Bulk Companies in 2016

Graphics: Drewry Shipping Consultants Limited

 Investors suffered massive wealth erosion in 2015, as share prices of dry bulk companies kept tumbling during the year, says Drewry Maritime Equity Research (DMER).   DMER’s shipping index, which is based on the market cap of leading dry bulk companies, was down ~43% in 2015


Fredriksen forms ship broker with Arctic Securities

Norwegian-born billionaire John Fredriksen has teamed up with investment bank Arctic Securities to form a ship broking company aimed at taking on bigger rivals and betting on a recovery in the global shipping market. Many segments of the shipping industry, including dry bulk commodities


GAC’s Meena Wins IMC Golden Shield Award

Meena Mathews with the award Photo courtesy GAC

The International Maritime Club presented Meena Mathews, GAC’s Regional P&I Manager for the Middle East, with its Excellence in Marine Claims Management accolade at the IMC Excellence Awards ceremony at the Ocean Blue in Sharjah, UAE, this week.


Golden Ocean Reshuffles Fleet, Delays Newbuilds

Courtesy of Golden Ocean Group Limited

  Golden Ocean Group Limited has entered into several agreements concerning its fleet. Golden Ocean has agreed with Ship Finance International Ltd ("Ship Finance") a sale leaseback transaction of eight Capesize vessels currently owned by Golden Ocean.


SFL Acquires Eight Capesize Bulkers

Photo of VANGUARD Courtesy Ship Finance International Limited

  Ship Finance International Limited today announced the agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited ("Golden Ocean"). The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia


Golden Ocean: Worst Bulk Market Since 1980s

Dry bulk shipping firm Golden Ocean reported first-quarter earnings below forecasts on Thursday and said its market had gone from "bad to worse" with market conditions not seen in three decades. Golden Ocean, controlled by shipping tycoon John Fredriksen


Crowley Vessels Receive AMVER Awards

Crowley Maritime Corp. announced that 65 of its vessels were recently recognized for participation in the Automated Mutual-Assistance Vessel Rescue (AMVER) program, a computer-based voluntary global ship reporting system used worldwide by search and rescue authorities to arrange for assistance to


Canada Invests in a Greener Coast Guard College

Photo: Fisheries and Oceans Canada

Canadian government invests in green technology to upgrade infrastructure at the Canadian Coast Guard College; investments highlight the college’s 50th anniversary in 2015   Canada’s government has invested nearly $11 million to date for improvements and repairs to the Canadian


Victoria Celebrates Six Millionth Cruise Ship Passenger

Ogden Point. Photo credit: Greater Victoria Harbour Authority

 Two tourists  -Victoria and Joseph Winthal - disembarking the Golden Princess Cruise Ship in Ogden Point have got an unexpected surprise.      They were selected by Greater Victoria Harbour Authority as the six millionth cruise ship passenger to Ogden Point


Dry Bulk Shipping Turmoil Set to Extend into 2016

Photo: Star Bulk

Dry bulk shipping faces more earnings pain as a slowdown in commodities demand and a glut of ships are expected to pile on the pressure well into 2016, ship industry players said on Wednesday.   The dry cargo shipping industry has been hit hard this year by the global commodities meltdown


China Mulls Routine Arctic Transits

Image: China Ocean Shipping (Group) Company

 China Ocean Shipping (Group) Company (COSCO) plans to launch regular services through the Arctic Ocean to Europe, as global warming makes the route viable and Beijing steps up its northern ambitions, says a report in AFP.   Cosco’s Yong Sheng vessel completed its second round


Frontline Reports Strongest 3Q

Frontline has one of the worlds largest fleets of VLCC and Suezmax tankers Credit Frontline

  * Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015.


Golden Ocean CEO: No Share Issue

Dry bulk shipping firm Golden Ocean Group said on Tuesday it did not consider an equity issue to improve its liquidity and balance sheet following challenging markets conditions. "We are not considering equity issue. We are working on other options, including sale and leaseback


CEO Will Not Return: Fredriksen

Norwegian-born billionaire John Fredriksen said Jo Lunder, who has been on leave as chief executive of his Fredriksen Group since November, would not come back, business paper Dagens Naeringsliv wrote on Friday. Fredriksen Group controls rig firm Seadrill, fish farmer Marine Harvest






 
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