Golden Ocean Group Limited News

Dry bulk shipowner Golden Ocean Group Limited has informed that Ulrik Andersen, Chief Executive Officer of Golden Ocean Management AS, has decided to step down from his position. The Board has appointed Lars-Christian Svensen, Golden Ocean’s Chief Commercial Officer, to take the role as Interim Chief Executive Officer of Golden Ocean Management AS. "Lars-Christian has a solid background within the industry and a profound understanding of the Company and its organization. The Board is confident that this new appointment will ensure a successful and seamless transition of the role. Mr. Andersen will be available for the company till September 1st, 2023," Golden Ocean said."I would like to thank Ulrik for his contribution to Golden Ocean.

Dry bulk shipowner Golden Ocean Group Limited announced on Tuesday it has sold three Panamax vessels to an unnamed buyer for a combined $52 million.The three vessels, Golden Empress, Golden Enterprise and Golden Endeavour, were delivered in 2010 and 2011 and are among the oldest in the Golden Ocean fleet.The company said it expects to record a gain from the sales of approximately $9.6 million in the second quarter of 2022. Aggregate net cash proceeds of approximately $30.7 million are expected to be received in the second quarter of 2022, when the vessels are delivered to their buyers.Over the past 15 months, Golden Ocean has sold seven older Panamax vessels…

Dry bulk shipowner Golden Ocean Group Limited announced Monday it has sold two older Panamax vessels and placed orders for the construction of four Kamsarmax vessels.The aggregate sale price of the vessels Golden Opportunity and Golden Endurer is $37.2 million, and the company said it expects to record gain from sale of approximately $4.9 million in Q3 2021 and $5 million in Q4 2021 and receive net cash proceed of approximately $22.2 million in Q4. The net cash proceeds will fund close to half of the estimated required equity for the Kamsarmax vessels, the company said, adding that the balance will be funded through cash on hand and long-term debt financing to be secured closer to delivery.The four Kamsarmax vessels are 85…

Dry bulk shipping company Golden Ocean Group Limited on Tuesdat announced it has terminated its relationship with Capesize Chartering Ltd. (CCL), a joint venture to coordinate the Capesize spot chartering services of Golden Ocean, Starbulk, CTM and Bocimar.Ulrik Andersen, CEO of Golden Ocean Management AS, said, "We have enjoyed our close cooperation with our CCL partners over the last five years. CCL was formed in 2016 to achieve greater commercial scale amid a challenging commercial environment. "Since then, the market has improved, and Golden Ocean has significantly expanded and modernized its fleet, most recently with the acquisition…

Oslo-listed LNG tanker operator Awilco LNG has appointed Per Heiberg as its CFO. Heiberg will assume his new position on April 6, 2021.The news follows the announcement from October 2020, when CFO Øyvind Ryssdal gave his notice of resignation.Heiberg comes from the position as CFO in Golden Ocean Group Limited where over his 15-year career also held the positions as Risk Manager and Vice President Finance."The Board and I are very pleased to have Mr. Per Heiberg onboard as CFO in Awilco LNG. His long and varied experience from the financial side of shipping will no doubt be an asset for the Company going forward,” said Awilco LNG CEO Jon Skule Storheill.Awilco LNG owns two 156,000 cbm TFDE membrane LNG vessels; WilForce and WilPride.

Dry bulk shipping company Golden Ocean Group Limited announced Wednesday that it has appointed Lars-Christian Svensen as Chief Commercial Officer of Golden Ocean Management AS effective December 1. Svensen, who is based in Oslo, most recently worked for Western Bulk, an asset-light dry bulk operator, where he was responsible for South Atlantic and U.S. Gulf chartering operations.Ulrik Andersen, Chief Executive Officer of Golden Ocean Management AS, said, "We are extremely pleased to welcome Lars-Christian to our team. His proven experience managing a chartering environment that leveraged digitalization, analytics and risk management aligns with Golden Ocean’s approach and will help to further our high-quality chartering operations.”Svensen said…

Norway-based ship management company OSM Maritime said Monday that it is nearing a deal to acquire Singapore-headquartered competitor SeaTeam Management from Frontline Ltd and Golden Ocean Group Limited.The acquisition, which is in final negotiations and remains subject to definitive documentation, is expected to be completed within the next 30 days, OSM said.“We look forward to finalizing our agreement with Frontline and Golden Ocean, after engaging in a very constructive dialogue,” said Tommy Olofsen, chair of OSM Maritime.

Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has acquired a 15% ownership interest in Singapore Marine, a dry bulk freight operator sponsored by Peter Weernink, the former Chief Executive Officer of Swiss Marine SA.Singapore Marine, which has offices in Singapore, Geneva and Verbier, will initially focus on the Post Panamax to Capesize vessel segments and seek to generate returns in all market conditions by employing an asset-light business model.Thomas Semino, Chief Commercial Officer of Golden Ocean, will be appointed as a Director of Singapore Marine.Semino said: "While Singapore Marine will operate independently from Golden Ocean and our participation in the company is primarily financial, we expect to derive additional value through this relationship.

Norway based dry bulk shipping company Golden Ocean Group Limited IGOGL) has announced that Ulrika Laurin and James O'Shaughnessy have been elected as new board members.Ulrika Laurin has been the Executive Chairman of ship-owning company Anglo-Atlantic Steamship Co. Ltd. and the Chairman of Laurin Shipping AB, an international ship-management company.She has served as the CFO of Anglo-Atlantic Steamship Co. Ltd. and as Commercial Manager of Laurin Maritime (UK) Ltd. Prior to that, she worked with fund manager Tufton Oceanic Ltd. and with management consultant Karlöf & Partners. She holds a Master of Science degree in Economics and Business Administration from the Stockholm School of Economics.James O'Shaughnessy has been an Executive Vice President…

Golden Ocean Group Limited (GOGL) reported a net income of $9.0 million for the second quarter of 2018, compared to net loss of $12.0 million for the second quarter of 2017.The Norway based dry bulk shipping company has entered into a $120 million loan facility to refinance 10 vessels on favorable terms. It delivered the Golden Eminence, a Panamax vessel, to her new owner in early August 2018.The company has also signed contracts to install exhaust gas scrubbers on 16 Capesize vessels and options for 9 additional installations.Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, commented: "Golden Ocean generated positive results once again in the second quarter. The market continues to strengthen over the summer, in particular for Capesize vessels.

Norway based dry bulk shipping company Golden Ocean Group Limited (GOGL) has  taken delivery of the second vessel, Sea Monterrey (to be renamed Golden Monterrey). On October 16, 2017 GOGL announced that it has entered into agreements to acquire two modern Capesize vessels from affiliates of Hemen Holding Limited, a company indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family (Hemen), the Company's largest shareholder, at a purchase price of USD 43.0 million per vessel. The first vessel, Golden Behike, was delivered in November 2017. Bermuda registered GOGL has issued 2,000,000 shares to Hemen as part of the purchase price for the second vessel.

Golden Ocean Group Limited (GOGL) announced that it has entered a deal to acquire two Capesize bulk carriers from affiliates of Hemen Holding Limited at a purchase price of $43 million per vessel.   Hemen Holding is indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family (Hemen), the company's largest shareholder.   GOGL has already taken delivery of one of the vessels, the 2016-built Sea Behike, to be renamed Golden Behike.   Golden Ocean has issued 2,000,000 shares to Hemen as part of the purchase price for the vessel. Following this transaction, the company's issued share capital is $7,106,884.85 divided into 142,137,697 issued shares, each with a nominal value of $0.05.

Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has taken delivery of a dry bulk which it bought in March 2017. On 14 March 2017, GOGL announced that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction where the Company will issue in aggregate 17.8 million consideration shares. "The Company is pleased to announce that it has taken delivery of additional one vessel, Q Gayle (to be renamed Golden Gayle)," said a statement from the company. Golden Ocean has issued 1.8 million consideration shares to Quintana Shipping Ltd. and associated companies in exchange for the vessel.

Golden Ocean Group Limited has taken delivery of dry bulk vessel Q Kennedy, to be renamed Golden Kennedy.    The vessel is the third of 16 dry bulk vessels recently acquired by Golden Ocean in an all-share transaction where the company will issue in aggregate 17.8 million consideration shares.   Golden Ocean has issued 1.7 million consideration shares to Quintana Shipping Ltd. and associated companies in exchange for Q Kennedy.   Following this transaction, Golden Ocean’s issued share capital is $5,893,649.60 divided into 117,872,992 issued shares, each with a nominal value of $0.05.

Star Bulk Carriers Corp. a global shipping company focusing on the transportation of dry bulk cargoes, announced that  it has entered into a Capesize vessel pooling agreement (“CCL”) with BOCIMAR INTERNATIONAL NV, GOLDEN OCEAN GROUP LIMITED and C TRANSPORT HOLDING LTD. Star Bulk has agreed to market nine  of the Company’s Capesize dry bulk vessels, which had previously been operating in the spot market, as part of the CCL fleet. Together with Star Bulk’s nine vessels, CCL initially consists   of 65 modern Capesize vessels and will be managed in Singapore and in Antwerp. Each vessel owner shall continue to be responsible for the operating,accounting and technical management of their respective vessels.

Knightsbridge Shipping Limited has completed its previously announced merger with Golden Ocean Group Limited. In connection with the closing of the merger, Knightsbridge will change its name to Golden Ocean Group Limited. Trading in the shares of the combined company will commence on the Oslo Stock Exchange on April 1, 2015. The combined company will trade on the Oslo Stock Exchange under the ticker code "VLCCF" on April 1, 2015. Commencing on April 7, 2015, the combined company will trade on the Oslo Stock Exchange under the ticker code "GOGL". The combined company will begin trading under its new name and ticker symbol "GOGL" on the Nasdaq Global Select Market on April 1, 2015.

In February 2016, Star Bulk has agreed to defer the delivery of five Newcastlemax vessels from 2016 to 2017 and 2018: three vessels were deferred from Q1 2016 to Q1 and Q3 2017, and two vessels were deferred from Q1 and Q2 2016 to Q1 2018. Consequently, $188 million of CAPEX originally due in 2016 has been deferred to 2017 and 2018. During the last 12 months, the company has pushed back the delivery of 16 vessels for 124 months in aggregate, or eight months per vessel. Star Bulk has also agreed to terminate two shipbuilding contracts, reducing the newbuilding program by four vessels in total.

Golden Ocean Group Limited said it has entered into agreements to acquire 16 dry bulk vessels,14 of which will be acquired from subsidiaries of Quintana Shipping Ltd., and two ice class Panamax vessels will be acquired from subsidiaries of Seatankers, an affiliate of Hemen Holding Ltd., the company's largest shareholder.   The 16 vessels will be acquired in an all-share transaction where Golden Ocean will issue in aggregate 17.8 million consideration shares and assume debt of $285.2 million.

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. 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 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 time-charter basis to a subsidiary of Golden Ocean for a period of 10 years.

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.

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 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.

* 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. * The long-term charters for the 1995-built Suezmax tankers, Front Glory and Front Splendour, were terminated in September and October, respectively. The Company received compensation payments of $2.2 million and $1.3 million, respectively, for the termination of the charters. * In November, the Company agreed to terminate the long-term charter for the 1998-built Suezmax tanker, Mindanao. The charter is expected to terminate in the fourth quarter of 2015.

* Reports a net loss of $26.7 million and a loss per share of $0.25 for the third quarter of 2016, an improvement of $12.5 million compared with a net loss of $39.2 million and a loss per share of $0.37 for the second quarter of 2016. * Took delivery of one Ultramax newbuilding, the Golden Leo, and paid a final installment of $15.7 million on delivery. * Acquired the Golden Lyderhorn following the vessel owner's exercise of its option to sell the vessel to the company, and subsequently sold the vessel to an unrelated third party. * Completed a one-for-five reverse share split in August 2016. * Took delivery of the Capesize newbuilding Front Mediterranean subsequent to the end of the third quarter and immediately sold and delivered the vessel to its new owner…