Golden Ocean News

19 Feb 2019

Dry Bulk Market Outlook Darkens After Vale Casualty

File Image: AdobeStock / © Lucasz Z

The prospects of dry bulk shippers carrying iron ore from mines to smelters have worsened due to the accident at Vale's Brumadinho dam in Brazil, Golden Ocean said on Tuesday as it presented forecast-beating quarterly earnings.The dam in the town of Brumadinho, which contained tailings, the mud-like byproducts of iron ore mining, burst on Jan. 25, killing at least 166 people and with almost 200 more still missing.Brazil's Vale, the world's largest iron ore mining company, has…

21 Sep 2018

Golden Ocean Group Appoint Two New Board Members

Image: GOGL

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.

19 Aug 2018

Golden Ocean Group Reports Profit in Q2

File Photo: Golden Ocean Group

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…

20 Feb 2018

Golden Ocean Boosts Dividend as Q4 Financials Beat Street

File Image (CREDIT: AdobeStock / (c) Lidian Neeleman)

Dry bulk shipper Golden Ocean proposed a bigger than expected dividend for the fourth quarter on the back of forecast-beating results on Tuesday, and reiterated the market was getting better. The company, controlled by Norwegian-born billionaire John Fredriksen, returned to profit in the third quarter thanks to improving market conditions and demand for renting ships. On Tuesday, Golden Ocean said it would pay a dividend of $0.10 per share against expectations for $0.02 in a Reuters poll of analysts.

15 Feb 2018

Hedge Funds Hook Shipping Stocks Grappling for Recovery

Emerging recovery for segments of global shipping industry; Nordic American Tanker and Dryships Inc among popular stocks. Shipping stocks may still be in the doldrums in the view of many investors, but hedge funds have bet at least $675 million on signs of renewed buoyancy in the industry. Hedge funds made initial forays into shipping stocks in the third quarter of 2017, but significantly stepped up their bets in the final three months of the year, U.S. Securities and Exchange Commission filings compiled by Symmetric show. "Shipping has been in a terrible trough for a number of years," Chris Walvoord, global head of hedge fund research at investment consultant Aon Hewitt, said. "Hedge funds are starting to see opportunity ...

18 Jan 2018

GOGL Acquires New Vessel

File Photo: Golden Ocean Group Ltd

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.

26 Nov 2017

Fredriksen Raises Stake in Debt Collector Axactor

Shipping and seafood billionaire John Fredriksen consolidated his position as the top shareholder in debt collector Axactor by buying more stock in the firm on Thursday, lifting the firm's share price. Through his family firm Geveran Trading, Fredriksen acquired 22.9 million shares in Axactor at a price of 2.65 crowns per share. Following the deal, Geveran will own 11.47 percent of the stock and remain the company's top shareholder, up from 9.96 percent. Fredriksen's business empire range from transporting oil with Frontline, dry bulk with Golden Ocean to salmon farming with Marine Harvest, among other interests. Shares in Axactor jumped on the news as much as much as six percent before retreating somewhat and closed up 2.6 percent at 2.75 crowns on the Oslo bourse.

20 Nov 2017

Golden Ocean Adds New Vessels

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.

25 Sep 2017

GOGL Sells 6 Vessels

Photo: Golden Ocean Group Ltd

Golden Ocean Group has  announced that it has entered into agreements to sell six Ultramax vessels built at Chengxi between 2015 and 2017 en bloc for USD 142.5 million to an unrelated third party. The net cash proceeds from the sale after the repayment of $39.2 million of associated debt will be slightly in excess of $100 million. All vessels are expected to be delivered to their new owner during the fourth quarter of 2017. Separately, the Company has agreed to take early delivery of the Golden Nimbus, a Capesize vessel under construction at New Times Shipbuilding.

20 Jul 2017

Golden Ocean Adds Golden Keen

Photo: Golden Ocean Group

Golden Ocean Group (GOGL) has announce that it has taken delivery of the last vessel, Q Keen (to be renamed Golden Keen), hence all 16 vessels are now delivered. Golden Ocean has issued 1,050,000 consideration shares to Quintana Shipping Ltd. and associated companies in exchange for the vessel. In a stock exchange filing the reference is made to the stock exchange notice dated March 14, 2017 where  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.

17 Jul 2017

GOGL Adds Dry Bulk Vessel

Golden Shui. File Photo: Golden Ocean Group Ltd

Golden Ocean Group (GOGL) says that it has taken delivery of one dry bulk vessel, Q Deb. "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," said a stock exchange filing of the company. The Company is pleased to announce that it has taken delivery of one vessel, Q Deb (to be renamed Golden Deb), it added. Golden Ocean has issued 1,300,000 consideration shares to Quintana Shipping Ltd. and associated companies in exchange for the vessel.

24 May 2017

Vartdal Wins WISTA LeaderShip Award

Birgitte Ringstad Vartdal (Photo: WISTA)

Birgitte Ringstad Vartdal, CEO of Golden Ocean, has been awarded the WISTA LeaderShip Award 2017 by WISTA Norway as recognition of her contribution to the maritime industry, her competency and leadership skills within the traditionally male dominated role of CEO. The award will be presented at Nor-Shipping’s Waves of Change Conference on May 30. “Birgitte Ringstad Vartdal has lived up to WISTA’s core values, and contributed to the development of the maritime industry through her capacity as CEO in an extremely challenging market.

22 May 2017

GOGL Adds Dry Bulk Vessel

Golden Shui. Photo: Golden Ocean Group Ltd

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.

16 May 2017

GOGL Takes Two More Vessels from Quintana

Image: Golden Ocean Group Ltd

Golden Ocean Group (GOGL)  said it has taken delivery of additional two vessels, Q Myrtalia and Q Shea, from Quintana Shipping  in exchange for 1.95 million consideration shares. The Company is pleased to announce that it has taken delivery of the first two vessels, Q Sue and Q Kaki (to be renamed Golden Sue and Golden Kaki). Golden Ocean has issued 1.6 million consideration shares to Quintana Shipping Ltd. and associated companies in exchange for the two vessels. Following this transaction…

03 May 2017

Another Dry Bulk Ship Delivered to Golden Ocean

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.

14 Mar 2017

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 $285.2 million.

28 Feb 2017

Golden Ocean CEO Takes Comfort in Dry Bulk Order Book at 15-year Low

** CEO: I think the most important factor (for an improved market) is a limit of new orders.

22 Nov 2016

GOGL Sinks into Loss

Photo: Golden Ocean Group Limited

* 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.

25 Apr 2016

Golden Ocean Names New CEO and CFO

Photo: Golden Ocean

The board of Golden Ocean Group Ltd. announced a pair of leadership appointments, naming Birgitte Ringstad Vartdal as the new Chief Executive Officer of Golden Ocean Management AS and Per Heiberg as the new Chief Financial Officer of Golden Ocean Management AS. Vartdal, who has held the position as Chief Financial Officer since June 2010, will replace Herman Billung, who has been the company's CEO since 2005. Vartdal holds a MSc (Siv.Ing.) in Physics and Mathematics from the Norwegian University of Science and Technology (NTNU) and a MSc in Financial Mathematics from Heriot-Watt University…

01 Mar 2016

Star Bulk Defers More Ship Deliveries

File photo: Star Bulk

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.

18 Feb 2016

Golden Ocean Refinance to Survive Another Tough Year

Dry bulk shipping firm Golden Ocean plans to raise $200 million in fresh equity, backed by its main owner billionaire John Fredriksen, as it continues to face weak markets for its vessels. The share issue is a condition for refinancing total debt obligations of around $1 billion. "We are in a very serious situation. These market conditions are not sustainable for anybody but we believe market will repair faster than any analysts expects. Under present market circumstances, yards are close to break even, and retail values are much lower. "The order book was at 126 million dead weight tonnes (dwt) at the start of the year. I think there will be massive delays. I think it is a fair assumption that the order book now is 90 million dwt and it will be spread out more in time.

18 Feb 2016

Golden Ocean Plans to Raise $200 Mln in Restructuring

Photo: Golden Ocean

Billionaire investor John Fredriksen's dry bulk shipping firm Golden Ocean plans to raise $200 million in fresh equity as it continues to face weak markets for its vessels, the company said on Thursday. Fredriksen's investment vehicle Hemen Holding, which owns 43.1 percent of Golden Ocean, will invest an amount that is at least equal to its current stake, and other leading shareholders plan to do the same, Golden Ocean added. In return, the company's banks have agreed to defer loan repayments of $165 million until September 2018.

18 Feb 2016

Star Bulk Enters Chartering Pool

Star Bulk Courtesy Star Bulk

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.

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