GOGL Acquires New Vessel
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.
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.
Golden Ocen Group Secures Timecharter
Golden Ocean Group secured a time charter contract for its Capesize vessel Channel Navigator. The 172,000 dwt vessel was fixed out on a five-year contract beginning by the end of April 2009. The daily charter rate is $53,500 less 3.75% commission. Golden Ocean Group on Monday also announced a ten year time charter contract for a Capsize tanker currently under construction at the Zhoushan Jinhaiwan Shipyard in China.
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.
GOGL Takes Two More Vessels from Quintana
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…
Golden Ocean, Knightsbridge Set for Merger
Dry bulk shipping companies Golden Ocean Group Limited (GOGL) and the listed dry bulk shipping company in John Fredriksen's business empire Knightsbridge Shipping have chosen March 26 to hold a special general meeting and finalize the merger talks. If the shareholders approve the plan, the companies expect to conclude the merger by the end of March 2015, subject to the execution of certain definitive documents, customary closing conditions and regulatory approvals. Knightsbridge said the outlook for the sector in 2015 was looking weak…
Golden Ocean CEO: No Share Issue
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
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.
Golden Ocean Halts Legal Action
Golden Ocean Group announced an end to its legal dispute with S.A. Marine Corp. of South Africa following a successful resolution. The announcement follows a capital injection of $41 million into S.A. Marine.
Tugboat to be Christened in Montreal
On Thursday, June 21, the Ocean Group, a harbor towing company in Quebec, will christen its new tugboat, the Océan Raymond Lemay, named in honor of one of the most important figures in the Canadian maritime industry, and a well known figure in the Quebec business community.
Pipavav Shipyard Wins $1.06b Order
Pipavav Shipyard has won an order worth $1.06bn to build 26 Panamax bulk carriers, making it India's largest shipbuilding order to date. The orders are from Golden Ocean Group, Norway; SETAF, France; and AVGI Maritime, Greece. Source: Money Control
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. The vessels are expected to be delivered to the Company in the fourth quarter of 2012.
Ocean, NFC Merge
Ocean Group Plc has agreed to merge with rival NFC Plc to form a $4.4 billion logistics group with the world's second highest revenues. To be known as Exel Plc, it will have pro forma revenues of more than $5.6 billion. It will also have the scale and global reach to harness runaway growth in freight handling driven by e-commerce. Ocean will offer .28 new shares for each NFC share and "new Exel" - NFC is changing its name to Exel this month - will be around 50 percent-owned by each company's shareholders. The merger pairs Ocean's leading position in air freight forwarding through MSAS Global Logistics with NFC's strength in supply chain services.
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. Frontline has committed to pay up to $33 million in cash, or to issue up to 4.1 million shares and 1.9 million warrants in Frontline valued to $48 million to take over all unsecured debt and all upstream guarantees.
Knightsbridge, Golden Ocean Merger Completed
Knightsbridge Shipping Limited has completed its previously announced merger with Golden Ocean Group Limited. In connection with the closing of the merger, Knightsbridge will change its name to Golden Ocean Group Limited. Trading in the shares of the combined company will commence on the Oslo Stock Exchange on April 1, 2015. The combined company will trade on the Oslo Stock Exchange under the ticker code "VLCCF" on April 1, 2015. Commencing on April 7, 2015, the combined company will trade on the Oslo Stock Exchange under the ticker code "GOGL".
GOGL Acquires Four Capesize Newbuilding Contracts
Golden Ocean Group Limited has acquired four newbuilding contracts at Daehan Shipbuilding Co., Ltd., South Korea. The vessels of 170,000 dwt will be delivered between May 2008 and January 2009. The agreed purchase price is USD 72,25 million per unit. Given the positive outlook for global steel production and the age profile of the existing cape size fleet, the management has a bullish market view for this sector going forward. The Board of Golden Ocean finds the combination of price and time of delivery attractive, and a right step forward in its growth strategy. The Company has been granted the option for additional four vessels which can be delivered between April 2009 and January 2010.
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.
Knightsbridge and Golden Ocean to Merge
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.
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 2000 results further," the company said in a statement. But it sees earnings falling in the first quarter, partly because of an oil production cut by OPEC that would curb demand for tonnage. Frontline has 29 Suezmax tankers and 30 VLCCs.
Atlantic Marine Sets Up Marine Survey & Consultancy Arm
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, advisory and other consultancy work for a broad maritime clientele…
DryShips Buys First Very Large Gas Carrier
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. The Company financed the closing price of $21.9 million by using part its undrawn liquidity under the $200.0 million New Sifnos Revolver, which now stands at $142.9 million. The $61.6 million balance of the purchase price for the VLGC will be payable in installments until the vessel's delivery from HHI.
Stena Bulk To Invest In VLCCs
Sweden's Stena Bulk will reportedly invest in and manage two new VLCC tankers being built in Japan for Golden Ocean Group, and has an option on a third vessel. Stena Bulk expects to take delivery of the first two vessels in the beginning of November. The company will take a financial stake in the 300,000-dwt ships over an initial five-year period, equivalent to 30 percent stakes in the ships after five years. The deal originated from an approach by Golden Ocean's bankers to take part in the financial restructuring after the company had initially said it would charter the ships to Stena. The option on the third vessel will be decided in the next few weeks. It is possible further deals could be done with Golden Ocean, Stena Bull officials said.
Acquisition of Four Capesize Newbuilding Contracts
Golden Ocean Group Limited has acquired two newbuilding contracts at Daehan Shipbuilding Co., Ltd., South Korea and two newbuilding contracts at Zhoushan Jinhaiwan Shipyard in China. The vessels of 170,000 dwt and 176.000 dwt respectively will be delivered between December 2008 and October 2009. The total purchase price for the four units is $296m. Given the continuous positive outlook for the global steel production and the age profile of the existing capesize fleet, the management has a positive market view for this sector going forward. The Board of Golden Ocean finds the combination of price and time of delivery attractive, and an additional step in its ambitious growth strategy.