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.
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 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 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
Crewmembers aboard the 314-ft fishing vessel 'Arctic Storm' extinguised an engine-room fire using the ship's Halon chemical firefighting system. The Coast Guard continues to respond to the vessel approximately 30 miles west of Grays Harbor, Wash.
Golden Pass Products LLC (GPP) affiliates Qatar Petroleum International (QPI) and ExxonMobil signed a framework agreement for the proposed liquefaction project at the Sabine Pass, Texas terminal. The agreement establishes a commercial framework to sell up to the full 15
The third of four Ocean Class Tugs has been delivered to Crowley from Bollinger Marine Fabricators. The Ocean Sun is DP 2, measures 156 feet in length and is rated at 10,880 HP. The vessel is outfitted for long-range, high-capacity ocean towing, rig moves, platform and floating production
Tideland Signal supplied a package of Syncrolan LED light stations and fog signals for the Golden Eagle Area development in the U.K. sector of the North Sea, about 43 miles (69 kilometers) from Aberdeen. Tideland's warning systems will protect both Golden Eagle's wellhead platform and the
Greek shipowners order construction of iron-ore carriers in the belief that the 5-year charter-rate slump is coming to an end. The companies ordered 12 Capesizes last quarter, the most since the beginning of 2008, according to data from Golden Destiny SA, a shipbroker in Piraeus, Greece
Océan Remorquage Montréal Inc. tugboat 'Ocean Pierre Julien' christened at the Ocean Industries shipyard, Isle-aux-Coudres. The construction of this tug cost $ 10.6 million, and the vessel is the 3rd of the Intrépide series to be built at Ocean Industries.
The Obama Administration releases its final plan for translating the National Ocean Policy into on-the-ground actions to benefit the American people. With significant public input from a wide spectrum of individuals and interests, the final Implementation Plan focuses on improving coordination
Ocean Installer appointed Michael Newbury as President for its U.S. office, located in Houston, Texas. The office has been established to cater for projects run out of the US. Entering his new position in April 2013, Michael Newbury brings with him managerial experience and track record from
The SOS 2013 program will take on the issues that are challenging access to ocean areas and resources by responsible industry operators. Click here to see the program. This global gathering of the diverse ocean business community is not a conference to discuss the issues
Once again, the latest flagship in the MSC fleet is set to become a green paragon in the industry, with leading international classification society Bureau Veritas officially conferring the “7 Golden Pearls” award to MSC Preziosa, the company’s 4th Fantasia class ship.
The Sustainable Ocean Summit 2013 (SOS 2013), organized by the World Ocean Council (WOC), is an international ocean business community gathering dedicated to industry leadership and collaboration in developing solutions to ocean sustainability challenges. Washington D.C. - April 22-24, 2013
The shipping and chartering company Golden Stena Weco has invested in an additional product tanker. The 9,000 dwt vessel, the Golden Avenue, will transport palm oil mainly in Southeast Asia and will sail primarily from Indonesia and Malaysia to India and China.
The Global Ocean Commission name chairs of a special plenary Sustainable Ocean Summit session to be held in Washington DC, in April 2013. Global Ocean Commission names Costa Rican President José María Figueres and South African cabinet minister Trevor Manuel
Drew Stephens Leads GIS for Ocean and Coastal Environments Industry. Esri has hired Drew Stephens to expand the market for GIS within the ocean industry. Esri, the world leader in GIS, has accelerated the development of its ocean technologies via the Esri Ocean GIS Initiative
Drew Stephens to lead Esri's Geographic Information Systems (GIS) for Ocean and Coastal Environments Industry. Esri has hired Drew Stephens to expand the market for GIS within the ocean industry. Esri, the world leader in GIS, has accelerated the development of its ocean technologies via the Esri