Golden Ocean and Knightsbridge Complete Merger

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders. 

 

 

The new company, which will be called Golden Ocean Group Limited, will be one of the largest dry bulk shippers in the world, operating a fleet of 72 vessels, 34 of which are new buildings. 

 

 

The merger was first announced in October and will allow John Fredriksen, the Norwegian shipping magnate and owner of Golden Ocean, to keep the name of the struggling Golden Ocean Group on the market. 

 

 

In February, Golden Ocean Group reported 2014 losses of $135.6 million, compared to $84.5 million in profit in 2013.  Knightsbridge posted a $5.3 million net profit in the fourth quarter of 2014.