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OCEAN GROUP

Golden Ocean Group Announces Sale

Golden Ocean Group Limited has agreed to sell the vessel M/V Shinyo Brilliance. The vessel is a Panamax bulker and is one of the long-term time charter vessels previously acquired from Louis Dreyfus with an option to purchase attached to the time charter. The vessel will be delivered to the Buyers within the end of December 2007 and the agreed purchase price is $72m net. The strike price for the option is about $20m net and the transaction will thereby free up approximately $52m in cash liquidity.


Golden Ocean Acquires 16 Dry Bulk Ships

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


Frontline Predicts Strong 2001

Norway's Frontline, the world's biggest tanker company, reported record net profits for 2000 compared to a 1999 loss and forecast higher earnings for 2001. Net 2000 profits leapt to $313.9 million from a $86.9 million loss in 1999, helped by a strong tanker market and a takeover of U.S. rival Golden Ocean Group. Net operating revenues surged to $599.9 million from $253.2 million in 1999. "For the full year (2001) result the board are cautiously optimistic about the opportunity to improve the


Frontline Acquires Golden Ocean

Norwegian shipping company Frontline has signed an agreement to take over U.S.-based Golden Ocean Group. Frontline has reportedly signed a term sheet with Golden Ocean, under which the parties agreed to propose a joint plan for a financial restructuring of Golden Ocean. Golden Ocean holds interests in 14 VLCCs, three VLCC newbuilding contracts and 10 bulk carriers. The company filed for a Chapter 11 restructuring in the Bankruptcy Court for the District of Delaware on Jan. 14.


Golden Ocean Agrees Late Deliveries from Chinese Shipyard

Golden Ocean Group Limited agrees with Zhoushan Jinhaiwan Shipyard Co., on amendment of three shipbuilding contracts The agreement is related to the two Kamsarmax vessels Golden Excellence and Golden Explorer, and the Capesize vessel Golden Nantong. Due to delay in the construction progress the Company has agreed to accept late delivery of the vessels. The contract price for the three vessels in aggregate is now agreed to be USD 86.65 million.


Atlantic Marine Sets Up Marine Survey & Consultancy Arm

John Poulson: Photo credit AMA

Atlantic Marine Associates Inc. (AMA) a member of the Eagle Ocean Group appoints John S. Poulson to head the new service. Trading as AMA Consulting Services, the new entity is led by John S. Poulson, latterly president of GL Noble Denton, New York, and a leading expert in the marine engineering, survey, loss prevention and consultancy fields. AMA Consulting Services’ principal activity is carrying out independent surveys, investigations


Bocimar Expands Fleet, Buys 3 Ships

CMB confirms that its subsidiary Bocimar International has acquired three capesize newbuilding vessels for a total purchase price of $188 million. The first vessel, SWS 1028 (Shanghai Waigaoqiao Shipyard) - for which Bocimar concluded a three-year time charter contract in April 2005 - is obtained from Teh Hu (Hong Kong). It concerns a 175,000 dwt newbuilding that will be delivered in the third quarter of 2006. The other two vessels, SWS 1048 and SWS 1049, have been bought from


GOGL, Knightsbridge Tankers Sells Vessel

Golden Ocean Group Limited advised that the company has entered into an agreement with Knightsbridge Tankers Limited to sell the capesize vessel Golden Zhejiang at a sales price of $65.5m. The vessel will be sold together with the existing four year charter agreement. The completion of the transaction is subject to successful financing and equity offering in Knightsbridge Tankers Limited. The deal is expected to be concluded during Q4 2010


L27/38 Power for Spanish Tugs

Spanish builder Astilleros Armón recently delivered one tug boat powered by two MAN 7L27/38 four-stroke engines and is close to delivering another powered by two similar 9L27/38 engines. The vessels are bound for separate companies of the Italian ‘Ocean Group’. The first project involved the construction of the ‘Neptun’, a Voith-Schneider Tractor Tug constructed at Astilleros Armón Navia in Asturias, Spain as construction C-701


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 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


DHL Says Ocean Freight Rates at Turning Point

© dbvirago / Adobe Stock

Demand for ocean and air freight has been better than expected this year, with increasing volumes and rates finally improving after years in the doldrums, executives from freight forwarding company DHL, part of Deutsche Post DHL Group, said.


Carl Vinson Strike Group to Western Pacific

Photo: United States Navy

 Admiral Harry Harris, Commander, U.S. Pacific Command, has directed the Carl Vinson Strike Group to sail north and report on station in the Western Pacific Ocean after departing Singapore April 8.    Carl Vinson Strike Group


Quality of Ocean Carriers “Poor to Average”

Image: Drewry Shipping Consultants Limited

 The service provided by container shipping lines is rated as poor to average and has deteriorated in the past year, according to a survey of exporters, importers and freight forwarders conducted jointly by Drewry and the European Shippers’ Council (ESC).  


Shanghai Grapples with Traffic Congestion

File Image (CREDIT: AdobeStock / (c) zhu difeng)

The world's busiest container port, Yangshan in China's business hub of Shanghai, is battling severe congestion wrought by dense fog, higher-than-usual volumes and the aftermath of a shake-up in shipping alliances, ocean carriers and port officials say.  


Obama's Arctic Ban and Aftermath

Photo courtesy: BP p.l.c.

 US President Barack Obama has permanently banned offshore oil and gas drilling in the "vast majority" of US-owned northern waters.   Vowing that his successor won’t be able to reverse his actions, President Obama on Tuesday used executive authority to permanently ban


Benchmarking Against Peers Upheld Among BCOs

Image: World Shipping Council

 International transport and logistics executives are increasingly benchmarking their companies’ costs and supplier terms in ocean transport contracts, according to data gathered by Drewry Supply Chain Advisors.   In the past 6 months


CMA CGM Opens Navigation Hub in Singapore

In the front row: Nicolas Sartini, Chief Executive Officer of APL, and Rodolphe Saadé, Vice Chairman of the CMA CGM Group. Photo: CMA CGM

 CMA CGM Group, a leading worldwide shipping group, announced the opening of its Navigation and Port Operations Center in APL’s corporate headquarters in Singapore.   A ceremony was held on the presence of Rodolphé Saadé, Vice-Chairman of the CMA CGM Group.  


DryShips Buys First Very Large Gas Carrier

Image: DryShips Inc

 DryShips Inc., a diversified owner of ocean group cargo vessels, announced that it has acquired one Very Large Gas Carrier (VLGC) currently under construction at Hyundai Heavy Industries (HHI) for a purchase price of $83.5 million.   


COSCO Ports and CMA Terminals Join Forces

Photo: CMA CGM

 Cosco Shipping Ports  has signed a memorandum of understanding (MOU) with CMA Terminals Holding in Shanghai.    The two parties have agreed to seek cooperation in ports worldwide and preference will be given to ports that the Ocean Alliance calls


Canadian Fleets, Seaway Invest $160 Mln for 2017 Season

File photo: Thunder Bay Port Authority / Chamber of Marine Commerce

Canadian ship owners and the St. Lawrence Seaway have spent an estimated $160 million on repair and infrastructure projects this winter, boosting the economic fortunes of communities throughout the Great Lakes, the St. Lawrence and east coast, according to the Chamber of Marine Commerce.  


Multi-Nation Naval Exercise in Australia

An embarked MRH-90 helicopter from HMAS Adelaide conducts a vertical replenishment, as HMAS Success transfers fuel to Adelaide during Exercise Ocean Explorer 17. Photo: Royal Australian Navy

 Warships from Australia, Italy, New Zealand and Spain are currently exercising off the Western Australian coast honing war-fighting skills and enhancing joint operating procedures.   The multi-national maritime task group, consisting of more than 17 ships and aircraft


Pirates Demand Ransom for Tanker Seized off Somalia

Pirates off the coast of Somalia, who hijacked an oil tanker with eight Sri Lankan crew on board, are demanding a ransom for the release of the vessel, the EU Naval Force said.   The pirates seized the Comoros-flagged Aris 13 tanker on Monday


Adelaide’s Fighting Edge Tested

HMAS Adelaide leads a close formation of warships from the Royal Australian Navy, Royal New Zealand Navy and the Spanish Armada during a photographic exercise, part of Exercise OCEAN EXPLORER 17, off the western coast of Australia. Photo: Royal Australian Navy

 Royal Australian Navy’s amphibious ship HMAS Adelaide lead from the front during the recent Exercise OCEAN EXPLORER.   Exercising task group operations off the Western Australian coast, the landing helicopter dock was the centrepiece to war-fighting scenarios.  


Cristobal Colon Arrives in Sydney

ESPS Christobal Colon of the Spanish Amarda arrives in Sydney Harbour. The crew of ESPS Christobal Colon will be helping to train and familiarise crews of Australias Hobart Class Air Warfare Destroyers. Photo: Royal Australian Navy

 HMA Ships Darwin, Melbourne and Parramatta have escorted the Spanish Armada's Cristobal Colon into Sydney Harbour as part of her role in providing platform and familiarisation training to Australian personnel.   Over the next three months the ship will assist in enabling Australian


OCEAN Alliance Launch Announced

File Image (CREDIT: Marad)

CMA CGM, a leading worldwide shipping group, launches Saturday April 1st the 40 new maritime services of its new operational alliance OCEAN Alliance.    Combining this new offer of maritime services with a global intermodal and logistics offer






 
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