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 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.
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.
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 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 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
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
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 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)
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 Marine Spill Response Corporation (MSRC) has entered an exclusive contract with Ocean Imaging Corporation for cutting edge remote sensing capability. Ocean Imaging will provide its proprietary aerial surveillance technology as part of MSRC's overall strategy for enhancing the ability to
During the tenth-annual Chamber of Shipping of America (CSA) awards ceremony held in Washington, D.C., this week, Crowley Maritime Corporation was awarded 100 Certificates of Environmental Achievement for 2013 – more than any other company in the running
When it came to the hull coating for its newest tug, the TundRA 100, the most powerful harbor tug ever to be built in Canada, Group Ocean chose Ecospeed, a nontoxic, hard, long-lasting coating with very high abrasion resistance, suited to tugs and to ice-going vessels of all types.
Significant volumes of dry bulk carrier orders, most of them for Chinese shipyards, are reported by Clarkson Hellas in their latest S&P Weekly Bulletin, as follows: Starting with the large sizes in dry, Oldendorff Carriers are reported to have declared the sixth in a series of 207
Delta Wave Communications, LLC. said its Golden Meadows, Louisiana branch office is now in full gear, serving that area, as well as Port of Fourchon for marine electronics equipment and service needs. The new location serves to reduce response time
XPRIZE announced the launch of its next major competition: the $2 million Wendy Schmidt Ocean Health XPRIZE. On the heels of the successful Wendy Schmidt Oil Cleanup XCHALLENGE, the Wendy Schmidt Ocean Health XPRIZE aims to spur global innovators to develop accurate and affordable ocean pH sensors
Ocean Fast Ferries, based in Cebu, has received the latest additon to its ferry fleet from builders Golden Dragon Fastcraft Builder, Inc. The M/V 'Ocean Jet 88' was designed by Australia's Global Marine. The vessel’s water line length is 29.63 meters with a one-meter draft.
Four of Crowley Maritime Corp’s ocean class tugboats , the 'Ocean Wind', 'Ocean Wave', 'Ocean Sky' and 'Ocean Sun', recently completed the successful delivery of the offshore oil production and drilling platform, Olympus, to the U.S. Gulf of Mexico.
With oceans considered by many as one of the last frontiers, a new American Bar Association book will help experts and government planners use zoning as a vehicle for ocean development and management. “Zoning the Oceans: The Next Big Step in Coastal Zone Management’’ is the
Reported – Vessel Name – DWT – Built(Age) - Price Millions USD Bulk Carriers 9/24/13 - BIRCH 2 - 20,427 - 98(15) - $2.8 9/9/13 - ORIENTE NOBLE - 23,522 - 96(17) - $5.5 9/16/13 - NEUMETAL VENTURE - 23,786 - 98(15) - $8 9/24/13 - VOGE FELIX - 24,279 - 97(16) - $6.1
With the announcement that BART Unions and BART management have requested an extension of their negotiations for another day, the SF Bay Ferry will continue with its regular weekday schedule Wednesday, October 16. If a partial day midday strike occurs
With the announcement that the BART Strike is on, the SF Bay Ferry has implemented increased service on most routes. Enhanced service will begin with a 5 a.m. Vallejo departure to San Francisco on Friday, October 18. See sanfranciscobayferry.com for all BART strike schedules.
Ocean Dredging DSM Ocean inc., an Ocean sister company, will carry out a harbor dredging contract with its Mexican partner Dragados del Golfo, in Paraiso, a town located in the state of Tabasco in Mexico. The dredging of the port of Dos Bocas is a unique opportunity for Ocean and a first in Mexico
As a 100 metric-ton bollard pull ice class tug, the OCEAN Tundra is reportedly the most powerful harbor tugboat to ever be built in Canada. SSI's ShipConstructor CAD/CAM application was used to construct this vessel. SSI client Robert Allan Ltd
On the heels of the recent delivery of Olympus, the largest tension-leg platform ever to be developed for the U.S. Gulf of Mexico, Crowley has once again shown support for the domestic petroleum industry by providing ocean towing and positioning support services for the Lucius spar in the Gulf of