Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Ocean Group News

05 Mar 2024

Fire Breaks Out On Containership Off Canada

(Photo: Canadian Coast Guard)

A fire has broken out on board a Liberian-registered containership off Canada's East Coast, the Canadian Coast Guard said.At around 11 p.m. on Sunday, the MSC Sao Paulo V issued a call for help after a blaze erupted in the engine room of the 294-meter-long vessel. The ship had left Montréal in the morning and was approaching the Les Escoumins pilot station while en route to Portugal when the incident occurred.By Monday afternoon, the containership crew had informed the Coast Guard that the fire was under control…

02 Jan 2024

Golden Ocean Names Svensen CEO

(File photo: Golden Ocean Group)

Oslo-headquartered dry bulk shipping company Golden Ocean Group announced its board has appointed Lars-Christian Svensen as CEO, effective January 1, 2024.Svensen had been serving as interim CEO following the resignation of the company's previous CEO, Ulrik Andersen, in June 2023.Svensen joined Golden Ocean as chief commercial officer in December 2020 and was previously senior vice president in Norway and president of U.S. trading activities in Seattle for Western Bulk. Before that, he was a downstream analyst for Petredec and a tanker broker for Cmarine Services PTE Ltd. in Singapore.

06 Jun 2023

SeaTankers Taps Danelec for Ship Performance Monitoring

(Image: Danelec Marine)

Denmark-based maritime safety, data collection and ship performance monitoring company Danelec Marine reports it has completed a turnkey project from installation to commissioning of a cloud-connected ship performance monitoring solution on +120 merchant ships operated by SeaTankers Group (Frontline, Golden Ocean Group, SFL Corp, Avance Gas, FlexLNG).The solution, which combines Danelec’s Kyma Shaft Power Meter, Vessel Remote Server (VRS) and DanelecConnect maritime IoT infrastructure…

01 Jun 2023

Golden Ocean CEO Steps Down. Interim CEO Appointed

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.

13 Feb 2023

Golden Ocean Acquires Six Bulk Carriers

Dry bulk shipowner Golden Ocean Group on Monday announced it has entered into an agreement to acquire six 208,000 deadweight tons (dwt) Newcastlemax vessels for a total consideration of $291 million. The newly-acquired vessels—each equipped with exhaust gas cleaning systems, or scrubbers—will be chartered back to their former owner, an unrelated third party, for approximately 36 months at an average daily time charter equivalent rate of approximately $21,000 net.Following the acquisition, Golden Ocean will be the world's largest publicly-listed dry bulk company in terms of dwt."This acquisition cements our position as the largest owner of modern Capesize vessels.

07 Oct 2022

Ocean Group Acquires Verreault Shipyard

(Photo: Ocean Group)

Ocean Group announced it has acquired the Verreault shipyard, located in the municipality of Les Méchins, in the Gaspé Peninsula, on Canada's east coast.Founded in 1956, Verreault Shipyard specializes in ship repair and conversion. With this transaction, Ocean Group adds capacity and grows its workforce by a hundred. The Gaspé Peninsula shipyard is equipped with a 244-meter-long and 56-meter-wide dry dock. Ocean Group is also adding to its fleet the two Verreault tugs that currently provide service at the Les Méchins and Matane docks.Jacques Tanguay…

26 Sep 2022

Navigating Climate Change: How Shipping is Adapting in the St. Lawrence

© Delphotostock / Adobe Stock

When compared to other major river navigation routes around the world, the St. Lawrence River is a favored waterway.It flows from the mouth of Lake Ontario, at an altitude of 250 meters. From its source to the Gulf, the river travels 1,197 kilometers, and is fed by several tributaries including the Ottawa, Richelieu, Saint-François and Saguenay rivers.But the effects of climate change are being felt. The marine industry is adapting. It is currently embarking on a shift towards…

08 Jul 2022

Golden Ocean Orders Three Kamsarmax Newbuilds, Sells Two Ultramaxes

Dry bulk shipowner Golden Ocean Group on Friday announced it has entered into agreements for the construction of three bulk carrier newbuilds, as well as for the sale of two owned bulkers.The newbuilds will be 85,000 dwt ECO-type dual-fuel Kamsarmax vessels constructed at the same Chinese shipyard group as the company's seven previously contracted newbuilds. Deliveries are scheduled to take place from the third quarter of 2024 through the first quarter of 2025.The aggregate sale price of the Ultramax vessels Golden Cecilie and Golden Cathrine is $63 million, and Golden Ocean said it expects to record a gain of approximately $22 million from sale and receive net cash proceeds of approximately $41 million in late Q3/early Q4 2022.

08 Mar 2022

Golden Ocean Sells Three Panamaxes

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…

22 Feb 2022

Ocean Group Inks 10-year Towage Deal with Port of Vancouver

(Photo: Ocean Group)

Ocean Group announced it has signed a 10-year agreement with the Port of Vancouver to provide port towing services at the two Roberts Bank terminals, Deltaport and Westshore Terminals. Starting July 19, Ocean Group will mobilize two Damen ASD Tug 2813 tugs equipped with fire fighting systems and IMO Tier III engines.Ocean Group began operations in the Port of Vancouver in March 2020 with two tugs. Since then, the company has increased the number of its tugs present in this territory with the arrival of new tugs, and then with the acquisition of Samson Tugboats.

11 Oct 2021

Golden Ocean Sells Two Panamaxes, Orders Four Kamsarmaxes

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…

10 Aug 2021

Golden Ocean Exits CCL Pool Joint Venture

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…

16 Mar 2021

Awilco LNG Names New CFO

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.

18 Feb 2021

Golden Ocean to Acquire 18 Modern Dry Bulk Vessels

For illustration only - Credit: mrnai/AdobeStock

Dry bulk shipping company Golden Ocean Group has entered into a Heads of Agreement to acquire 18 modern scrubbers fitted dry bulk vessels from affiliates of John Fredriksen's Hemen Holding, which is Golden Ocean's largest shareholder, for $752 million.Of the 18 vessels, ten are Newcastlemaxes built 2019-21, and eight are Kamsarmaxes built 2020-21 "The transaction will add significant scale to Golden Ocean’s operating fleet, contribute to reducing cash breakeven levels and is in line with the company's fleet renewal strategy…

11 Nov 2020

Golden Ocean Names Svensen as Chief Commercial Officer

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…

21 Sep 2020

OSM Nears Deal to Acquire SeaTeam

© photobar / Adobe Stock

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.

07 Sep 2020

Golden Ocean CFO Resigns. Successor Joins from Avance Gas

Dry bulk shipping company Golden Ocean Group said Monday that Per Heiberg, Chief Financial Officer of Golden Ocean Management AS, had resigned.Heiberg has held the CFO since April 2016 and has worked for the company in various capacities since July 2005.Oslo-listed Golden Ocean, which owns or controls a fleet of 78 dry bulk carriers, has appointed Peder Simonsen as the new CFO of Golden Ocean Management AS. Simonsen was most recently the Chief Financial Officer and Interim Chief Executive Officer of Avance Gas AS, a company specializing in very large gas carriers.Before joining Avance Gas AS in 2014, he was First Vice President at Nordea Bank Norge ASA, where he worked with large shipping and offshore companies.

27 May 2020

Pangaea Takes Top Spot in Dry Bulk Benchmark Study

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.

21 Nov 2019

GOGL Profits Up in Q3

The Bermuda registered, Norway based dry bulk shipping company Golden Ocean Group (GOGL) announced a net income of $36.7 million and earnings per share of $0.26 for the third quarter of 2019 compared with net loss of $33.1 million and loss per share of $0.23 for the second quarter of 2019.EBITDA stood at $81.1 million for the third quarter of 2019, compared with $21.5 million for the second quarter of 2019.Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, said: “Our strong performance in the third quarter is the result of our strategic decision to gear our fleet towards modern, fuel-efficient vessels in…

07 Apr 2020

Golden Ocean Names Andersen CEO

Dry bulk shipping company Golden Ocean Group said its board has appointed Ulrik Uhrenfeldt Andersen as the new Chief Executive Officer of Golden Ocean Management AS with effect from Tuesday April 14, 2020.Andersen comes from a position as Chief Executive Officer of Avance Gas AS and previously worked as Head of Shipping for Petredec, Managing Director for Neu Gas Shipping and Head of the Maersk VLGC Pool.

21 Feb 2020

MAN Propulsion for Royal Canadian Navy Tugs

Photo: MAN Energy Solutions

OCEAN Industries Inc. has ordered 8 × MAN 12V175D-MM, IMO Tier III-compliant engines in connection with the construction of 4 × 24-meter ASD tugs for the Royal Canadian Navy. The vessels are set respectively for delivery to Canada’s major naval bases at Esquimalt, British Columbia and Halifax, Nova Scotia, with each location set to receive two tugs. Under the contract, MAN Energy Solutions will also provide SCR (Selective Catalytic Reduction) technology for the engines, facilitating Tier III compliance, as well as ship service diesel-generator sets.

21 Apr 2020

Singapore Adds Minerva Bunkering and TFG Marine to List of Bunker Suppliers

Singapore port - Image by anekoho / AdobeStock

The Maritime and Port Authority of Singapore (MPA), home the world's top marine refueling hub, said it has awarded two new bunker supplier licenses to Mercuria's Minerva Bunkering and Trafigura's TFG Marine."MPA and ESG welcome the entry of Minerva Bunkering and TFG Marine, which will consolidate Singapore's position as the global bunkering and oil trading hub," the MPA said in a joint statement with Enterprise Singapore (ESG).The licences are the first to be issued by the port regulator since 2017, bringing the total number of licensed bunker suppliers to 45 in Singapore, and come after the M

16 Sep 2019

GOGL Ups Investment in Singapore Marine

Norway based dry bulk shipping company Golden Ocean Group (GOGL) is planning to make a further investment in Singapore Marine Pte Ltd in connection with the acquisition of the majority of assets and operations of Swiss Marine by the latter.Swiss Marine is a privately owned freight operator founded in 2001 that transported over 120 million metric tons of cargo in 2018.The Bermuda registered GOGL said in a press note that including new commitments from Golden Ocean of $9.5 million in equity and $0.7 million in the form of a shareholder loan, Singapore Marine has raised a $44 million in addition to the $105 million in available capital raised in April 2019.Golden Ocean has in total invested $19.5 million in equity and $10.7 million in shareholder loans…