Herman Billung News

Dry bulk shipping company Himalaya Shipping announced it has taken delivery of the fifth in a series of 12 dual-fuel 210,000 dwt Newcastlemax bulk carriers being built by New Times Shipyard.The vessel, Mount Matterhorn, will commence a 32- to 38-month time charter plus an option for 11 to 13 months and will earn an index-linked rate, reflecting a significant premium to a standard Capesize vessel, Himalaya said. The time charter also includes a profit sharing of any economic benefit derived from operating the vessel's scrubber or running on liquefied natural gas (LNG)…

Bulk carrier company Himalaya Shipping has taken delivery of the second of the twelve 210,000 dwt Newcastlemax newbuildings the company has on order at New Times Shipyard. The vessel, named Mount Ita, will start a 32 - 38 month time charter plus option for 11- 13 months and will earn an index-linked rate, reflecting a significant premium to a standard Capesize vessel, Himalaya Shipping said.Himalaya Shipping further said that the time charters also included a profit sharing of any economic benefit derived from operating the vessel´s scrubber or running on LNG…

Himalaya Shipping on Monday announced it has entered into time charter agreements for four dry bulk vessels with Koch Shipping Pte Ltd.The bulk carrier newbuilds will commence a 24-month time charter with an evergreen structure upon delivery from China's New Times Shipyard in the second and third quarter of 2023, with certain options to roll two charters to 2024.Himalaya Shipping said the vessels will earn an index linked rate, reflecting a significant premium to the Baltic 5TC index…

Global shipping company Star Bulk Carriers, announced  that it has closed the previously announced acquisition of fifteen operating dry bulk vessels  from Songa Bulk  for an aggregate of 13.725 million common shares of Star Bulk  and $145.0 million in cash. Following the closing of the Vessel Purchase Transaction, (i) Arne Blystad will be appointed to the Board of Directors of Star Bulk as Class C Director and Herman Billung will join the management team of Star Bulk as Senior Vice President and (ii) Songa is expected to distribute the Consideration Shares to its shareholders. First trading day of the secondary listing of the Company’s common shares on Oslo Børs, a regulated stock market operated by Oslo Børs ASA of Norway, is expected to take place by mid-July.

Greece-based dry bulk shipping firm Star Bulk Carriers has entered into definitive agreements to acquire 18 dry bulk vessels in two all-share transactions. 15 of the vessels will be acquired from Songa Bulk and three of the vessels will be acquired from Oceanbulk Container Carriers. The consideration for the vessels was determined based on average vessel valuations by independent vessel appraisers. The Company has agreed to issue an aggregate of 13.725 million common and pay $145 million in cash for the acquisition of all of Songa’s 15 modern dry bulk vessels . The cash portion of the Songa consideration will be financed through proceeds of a new five-year capital lease of $180 million with China Merchants Bank Leasing with a margin of 280 bps…

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…

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.

Dry bulk shipping firm Golden Ocean Group said on Tuesday it did not consider an equity issue to improve its liquidity and balance sheet following challenging markets conditions. "We are not considering equity issue. We are working on other options, including sale and leaseback," Golden Ocean Chief Executive Herman Billung told an investor conference. Reporting by Ole Petter Skonnord

Dry bulk shipping faces more earnings pain as a slowdown in commodities demand and a glut of ships are expected to pile on the pressure well into 2016, ship industry players said on Wednesday. The dry cargo shipping industry has been hit hard this year by the global commodities meltdown with average earnings for large capesize ships - which haul iron ore and coal - barely covering operating costs this year and overall dry bulk rates falling to their lowest levels in decades. "Our…

Dry bulk shipping charter rates remain well below break even levels, pushing vessel scrapping to record highs, though some market improvement is expected in the second quarter, Herman Billung, the CEO of shipping firm Golden Ocean said. Dayrates have plunged as China's slowdown reduced its iron ore imports while the market is flooded with brand new vessels entering the market, sending the Baltic Dry index to an all-time-low of around 500 points in February from around 1,600 points a year ago.

Knightsbridge Shipping Limited and Golden Ocean Group Limited have today entered into an agreement and plan of merger pursuant to which the two companies have agreed to merge, with Knightsbridge as the surviving legal entity. The Combined Company will be renamed Golden Ocean Group Limited upon completion of the merger. As a result of the expected merger, the Combined Company would become one of the world's leading dry bulk companies with a modern fleet of 72 vessels, of which 36 are newbuildings under construction. The merger is subject to approval by the shareholders of Golden Ocean and Knightsbridge in separate special general meetings expected to be held in December 2014 or January 2015 and the merger is expected to close shortly thereafter.

Reuters- Dry bulk carrier Golden Ocean Group Ltd expects double-digit growth in global iron ore trade in 2014, helping its markets pick up momentum and improving rates, the company's CEO Herman Billung said at a conference in Oslo on Wednesday. The dry bulk and tanker markets have experienced a severe downturn in recent years due to global economic turmoil and a slew of new vessels, but Golden Ocean has already detected signs of recovery, driven by increasing Chinese and Indian demand for iron ore and coal, in combination with scrapping of older vessels. Billung said he had had recent discussions in Singapore with major iron ore miners and one alone had indicated its shipping needs would rise to 100 cape-sized vessels…

Knightsbridge Tankers Limited reports net income of $8.9 million and earnings per share of $0.48 for the third quarter of 2010. The average daily time charter equivalents ("TCEs") earned by the Company's VLCCs excluding bareboat charters and Capesize vessels were $30,800 and $40,700, respectively, compared with $49,800 and $45,500 in the preceding quarter. VLCC revenues and TCEs decreased mainly due to weaker results from the Mayfair, which operated in the spot market and the absence of profit share from the Hampstead and Kensington in the third quarter. Although Capesize revenues increased due to the delivery of Golden Future in July, average  Capesize TCEs decreased due to the lower rate earned by the Golden Future compared with the other two vessels.

Knightsbridge Tankers Limited advised that the 2010 Annual General Meeting of the Company was held on September 24, 2010 at 9:30 a.m. at the Elbow Beach Hotel, 60 South Shore Road, Paget PG04, Bermuda. 1) To re-elect Ola Lorentzon as a Director of the company. 2) To re-elect Douglas C. Wolcott as a Director of the company. 3) To re-elect David M. White as a Director of the company. 4) To re-elect Hans Petter Aas as a Director of the company. existing on the Board. authorise the Directors to determine their remuneration. 7) That the remuneration payable to the company's Board of Directors of a total amount of fees not to exceed $500,000 be approved for the year ended December 31, 2010.

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. The sales proceeds will be used to pay down debt on the asset and the balance, $18.5m, to acquire a number of restricted common shares in Knightsbridge. Golden Ocean will receive shares at the same price as contemplated in the public offering of shares in Knightsbridge. The investment in Knightsbridge is of long term nature.