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Thursday, October 1, 2020

Golden Ocean News

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OSM Nears Deal to Acquire SeaTeam

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.

A Golden Ocean bulk carrier - Image by Patrick Deenik/MarineTraffic.com

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…

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Seatankers Hires Investment Chief, Invites Outside Capital

Seatankers, the powerful holding company of Norwegian-born billionaire John Fredriksen, said on Thursday it had hired a veteran fund manager to broaden the group’s portfolio and bring in outside capital in a new unit.Vegard Soeraunet, until recently an investment director at Norway’s ODIN Fund Management, will be in charge of “long-term and active ownership” outside of Seatankers’s shipping and offshore oil services industries, the company said.“Getting the opportunity to take this to the next level with a new structure under Seatankers, is a great opportunity,” Soeraunet said in a statement.I

Anders Gronborg (Photo: Trafigura)

New TFG Marine CEO to Leave in September

The new chief executive of Trafigura's marine fuels joint venture TFG Marine will leave the business at the end of September, the company said on Monday without disclosing the reason for his departure.Anders Gronborg was appointed CEO in April after ending a 27-year career at World Fuel Services in 2018.The company and Gronborg have agreed to part in a "mutually agreed exit", a company spokeswoman said in an emailed statement, adding that his last day will be Sept. 30."The Board…

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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…

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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.

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Golden Ocean Warns on Profit, Supply Chains Due to Coronavirus

Shipping group Golden Ocean warned on Tuesday its profit would be hit by a slowdown in demand due to the coronavirus outbreak in China, sending its shares down more than 3% in early trade.The world's second-biggest economy has seen business activity curtailed in recent weeks as it battles to combat the spread of the virus, pushing down shipping rates for commodities such as coal and iron ore used in Chinese factories."The market is currently presenting a challenging scenario that will impact our results in the near term…

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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…

Image: Golden Ocean Group

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…

Fredriksen Seeks Investors for Empire

Industrialist John Fredriksen is seeking investors to take larger stakes in his companies and could relinquish control of operations as part of a plan to reduce his workload, the Norwegian-born 75-year-old told two newspapers on Friday.It was the clearest sign to date of a succession plan for Fredriksen, whose net worth has been estimated at more than $12 billion.His self-made business empire includes oil-tanker firm Frontline, dry bulk shipper Golden Ocean and rig owner Seadrill, as well as fish farmer Mowi and other companies."There are several ways this could be done," he told business dail

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Trafigura in Fuel JV with Frontline, Golden Ocean

Trafigura Group is joining forces with shipping firms Frontline and Golden Ocean to set up a company to supply shipping fuels ahead of a shake up in regulations next year which could disrupt fuel delivery and cause prices to spike.The three companies said on Tuesday that subject to agreement on final terms, the joint venture is expected to start operating in the third quarter.From Jan. 1, International Maritime Organization (IMO) rules will bar many ships from using marine fuel, also called bunker fuel, containing more than 0.5% sulphur in order to help reduce air pollution.

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Dry Bulk Market Looks Dull

Global dry bulk fleet utilization (calculated as total demand in tonne miles transported divided by total available fleet capacity) dropped by 1.4% in the fourth quarter of 2018, reflecting the trend observed in the rate environment.According to Norway based dry bulk shipping company Golden Ocean Group, freight rates in the fourth quarter of 2018 disappointed compared to expectations, in particular for the Capesize vessels, which declined from the previous quarter.The Panamax and Supramax markets were relatively unchanged from the previous quarter…

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Golden Ocean Group Reports Profit in Q2

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…

Image: GOGL

Golden Ocean Group Appoint Two New Board Members

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.

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.

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.

Image: Golden Ocean Group Ltd

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…

Birgitte Ringstad Vartdal (Photo: WISTA)

Vartdal Wins WISTA LeaderShip Award

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.

Golden Shui. File Photo: Golden Ocean Group Ltd

GOGL Adds Dry Bulk Vessel

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.

Photo: Golden Ocean Group

Golden Ocean Adds Golden Keen

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.

Golden Ocean to Look Towards Time Charters

We are slowly starting to consider chartering opportunities at the rate levels that we see now. Except for four long-term charters, we are more or less spot exposed for next year and we'll slowly start to add some charter cover.

Photo: Golden Ocean Group Ltd

GOGL Sells 6 Vessels

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.

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GOGL Appoint Semino as CCO

Following the announcement in April regarding changes to the corporate management team, Golden Ocean Group Limited announced the appointment of Mr Thomas Semino as Chief Commercial Officer (CCO). Mr Semino is currently the Head of Dry Freight in Vitol S.A., and has previously been Managing Director of Ocean Freight in Bunge S.A., and also has background from Cargill S.A. and Coeclerici Spa. Mr Semino has a law degree in Maritime Law from Universita' degli Studi di Genova. Mr Semino will be based in Singapore and will take on the position latest on November 1, 2016.

File photo: Golden Ocean Group

Golden Ocean Appoints Chief Commercial Officer

Dry bulk shipping company Golden Ocean Group Limited has appointed Thomas Semino to take up the newly created position of Chief Commercial Officer.   Semino will be based in Singapore and will start as CCO no later than November 1, 2016.   Semino is currently the Head of Dry Freight in Vitol S.A., and has previously been Managing Director of Ocean Freight in Bunge S.A., and also has background from Cargill S.A. and Coeclerici Spa. Semino has a law degree in Maritime Law from Universita' degli Studi di Genova.

File Photo: Golden Ocean Group Ltd

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.

File Image: AdobeStock / © Lucasz Z

Dry Bulk Market Outlook Darkens After Vale Casualty

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…