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Sunday, August 25, 2019

John Fredriksen News

Frontline buys 10 Tankers from Trafigura

Frontline will buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million, and may buy a further four vessels later, the two companies announced on Friday.The deal will allow Frontline, which is controlled by Norwegian-born billionaire John Fredriksen, to boost its dividend in the time to come, the Oslo-listed tanker operator said."The structure of the transaction creates an immediate impact to our earnings at a time when we expect freight rates to increase significantly," Frontline Chief Executive Robert Hvide Macleod said in a statement.Trafigura will take an

File Image: AdobeStock / © Riccardo Arata

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.

Pic: Frontline

Frontline Updates on Damaged LR2 Tanker

John Fredriksen's tanker shipping company Frontline has provided an update on the LR2 tanker Front Altair. Vessel Front Altair was among two ships attacked off the coast of Fujairah in the Gulf of Oman."On the morning of June 13, at approximately 0500 hrs gmt, an explosion occurred on the Front Altair shortly after the vessel had passed through the Strait of Hormuz in the Persian Gulf," it said.Most importantly, the 23 crew members onboard the Front Altair are unharmed after being…

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…

© Anatoliy Matronyuk / MarineTraffic.com

Fredriksen's Flex Raises $300 Mln for LNG Newbuilds

Flex LNG, controlled by Norwegian-born billionaire John Fredriksen, has raised $300 million in a private placement of shares to help pay for five new vessels costing $918 million, it said on Thursday.Fredriksen's companies typically add high-yield bond issues and bank loans at a later time to pay the cost not covered by share sales.When the vessels are delivered from the yards of South Korea's Daewoo (DSME) and Hyundai (HHI) in 2020 and 2021, Flex LNG will have a fleet of 13 ships, Flex said.Fredriksen himself bought shares for $100 million, cutting his overall stake in the firm to 44.6 percen

Flex Endeavour. Pic: FLEX LNG Management AS

FLEX LNG Orders Five LNG Carrier Newbuilds

Flex LNG, the shipping company controlled by billionaire John Fredriksen, is entering into a transaction for the acquisition of five 5th generation LNG newbuildings comprising three MEGI LNG carriers and two X-DF LNG carriers.According to a release from the shipping company, that owns and operates LNG carriers, and floating storage and regasification units, the MEGI LNG carriers are currently under construction at Daewoo Shipbuilding and Marine Engineering Co. Ltd. (DSME) with…

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.

Sabrina Chao, Executive Chairman of Wah Kwong Maritime Transport Holdings Ltd.

Wah Kwong Maritime's Chao is 2018 CMA Commodore

Award to be presented March 14, 2018 at the conclusion of the CMA’s Shipping 2018 Annual Conference and Exposition. Ms. Sabrina S. M. Chao, Executive Chairman of Wah Kwong Maritime Transport Holdings Ltd. has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2018. Ms. Chao follows a long succession of influential maritime industry leaders as Commodore. The 2018 Commodore Award will be presented on March 14, 2018 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition…

WEST GEMINI. Photo: Seadrill Limited

Seadrill Files Chapter 11 Bankruptcy Protection

Seadrill Limited, one of the world’s largest offshore drilling companies, has filed for Chapter 11 bankruptcy protection at the Southern District Texas court, Reuters reported. The indebted oil rig firm controlled by Norwegian billionaire John Fredriksen is seeking to restructure its roughly $10 billion  debts as the petroleum industry continues to grapple with low prices. Seadrill announced that the court overseeing the Company's chapter 11 restructuring proceedings has granted the relief requested by the Company in its key first-day motions related to ordinary course business activities.

Photo: Nordic American Offshore Ltd

Nordic American Appoints New CFO

Nordic American Tankers (NAT) and Nordic American Offshore (NAO) has appointed Bjørn Giaever (50) as Chief Financial Officer (CFO). He is expected to join us later this year and as early as possible. Giaever joins NAT/NAO from the well reputed firm of Fearnley Securities AS with main office in Oslo, Norway. This is an investment bank with special focus on the maritime sectors, where he served as a director and partner in the Corporate Finance division. Giaever has more than 20 years of experience in the shipping industry, holding key roles in corporate finance and equity research.

Photo: DHT Holdings, Inc

DHT Rejects Frontline Bid, Again

Crude oil tanker company DHT Holdings rejected on Sunday a fifth takeover proposal from shipping tycoon John Fredriksen's Frontline. A statement from DHT Holdings said that its Board of Directors has unanimously rejected Frontline April 25 proposal to acquire all of the outstanding shares of common stock of DHT at a ratio of 0.8 Frontline shares for each DHT share. "This is, of course, the exact same proposal you made at the end of February. We unanimously rejected that proposal…

Jack Noonan, CEO, Chembulk Tankers

Noonan Named CMA's 2017 'Commodore'

This morning CMA announced that Mr. John D. “Jack” Noonan, CEO of Chembulk Tankers, has been named as the CMA Commodore for the year 2017. Noonan joins a presigious list of previous award winners, including Ole Skaarup, Jacob Stolt-Nielsen, George Livanos, Phil Loree, Thomas Moran, Gregory Hadjieleftheriadis, Helmut Sohmen, Gerhard Kurz, William O’Neil, Richard du Moulin, Per Heidenreich, Marc Saverys, Frank Tsao, Stelios Haji-Ioannou, Peter Georgiopoulos, C. Sean Day, Torben Jensen, Morten Arntzen, John Fredriksen, Capt.

Photo: Marine Harvest ASA

Can You Farm Fish Inside a Cargo Ship?

The world’s biggest Atlantic salmon producer wants to start farming fish inside a ship – and the idea has merit, says a report in IOL. Building traditional fish farms on the open water in Norway has become almost impossible because of state rules intended to curb outbreaks of sea lice, a parasite that can kill young fish. So raising salmon inside an unwanted cargo ship is one of a few options proposed by Marine Harvest ASA, which is trying to boost production at a time when prices are near a record high.

Photo: Seadrill Partners LLC

ExxonMobil Terminates Seadrill Contract

Exxon Mobil terminates earlier the West Capella working in Nigeria in the Usan Field. John Fredriksen-backed drilling firm Seadrill Partners LLC has received a notice of termination from Exxon Mobil. In accordance with the cancellation for convenience provisions in the West Capella contract, Seadrill Partners will receive a payment of approximately $125 million in two equal installments, the first in the second quarter of 2016 and the second in the first quarter of 2017, plus other direct costs incurred as a result of the early termination.

Photo: Seadrill Limited

Seadrill’s Posts Strong Q4 Results

Rig company Seadrill, once the crown jewel in the business empire of shipping tycoon John Fredriksen, said the final quarter of 2015 was the year’s strongest in operational terms, but warned that 2016 would be tough and said it was working to strengthen its finances. Net income rose 82 percent to $285 million in the fourth quarter, beating the $238 million average estimate in a Bloomberg survey. “During the fourth quarter we experienced our best operational quarter of the year, while continuing to reduce our cost base,” Chief Executive Officer Per Wullf said in a statement.

Photo: Golden Ocean

Golden Ocean Plans to Raise $200 Mln in Restructuring

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.

Paddy Rogers, CEO of Euronav NV (Credit / Copyright: Susanne Habuka)

Paddy Rodgers Named CMA 2016 Commodore

Award to be presented March 23, 2016 at the conclusion of the CMA’s Shipping 2016 Annual Conference and Exposition. Mr. Paddy Rodgers, CEO of Euronav NV has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2016. Rodgers follows a long succession of influential maritime industry leaders as Commodore. The 2016 Commodore Award will be presented on March 23, 2016 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, USA.

 John Fredriksen. Photo: Twitter

Shipping Magnate John Fredriksen Concerned about China

The turmoil spreading from China is certainly not good for the shipping market, says billionaire John Fredriksen to Bloomberg News. John, the billionaire who made his fortune investing in crude tankers, said he’s “very worried” on global shipping markets. Rigg is also very difficult due to oil prices and overcapacity, he said. Oil touched the lowest levels since 2009 on Monday. “For our situation it’s good for our tankers,” he said. The drilling rig market is facing lower demand from oil producers after crude prices collapsed last year.

Image: EXMAR LNG

FLEX Acquires LNG Assets from EXMAR

Nicolas Saverys-led Exmar has agreed to integrate its LNG assets and infrastructure with those of John Fredriksen’s Geveran and Flex LNG under a new USD 2.3 billion company – Exmar LNG Ltd. Belgian liquefied natural gas (LNG) carrier owner and operator Exmar and Geveran will pool their LNG assets and infrastructure under Flex LNG, in exchange for new shares in Flex LNG. Following the transaction, Exmar have a stake of 64.6 percent in Flex LNG, while Gerevan sits at 30.7 percent of the shares. The trade is however conditional upon the approval of both governments and third parties.

CMA Names Tsakos 2015 Commodore

Capt. Panagiotis N. Capt. Panagiotis N. Tsakos, Founder of the Tsakos Group, has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2015. The award, given each year to a person in the international maritime industry who has contributed to the growth and development of the industry, will be presented on March 25, 2015 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut.

Frontline appoints Macleod as new CEO

Crude oil tanker firm Frontline, part of shipping tycoon John Fredriksen's business empire, appointed Robert Hvide Macleod as chief executive to replace Jens Martin Jensen, the firm said on Monday. Jensen, who was elected to the Frontline board last month, will stay on as the firm's chief for the sale and purchase, newbuilding and other maritime related projects, frontline said. "Combined with his (Macleod's) outstanding network throughout the tanker industry, we believe this will ensure that the Company remains the driving force in the industry," Fredriksen said in a statement.

Golden Ocean’s capesize bulker, Channel Navigator. Image courtesy Golden Ocean

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.

John Fredriksen

Billionaire Fredriksen Commits to Seadrill

Shipping billionaire John Fredriksen reaffirmed on Friday its commitment to Seadrill, the world's largest rig company by market capitalisation, whose shares have fallen a quarter in value since the beginning of the year. "I consider my stake in Seadrill a long term investment and investors can rest assured that no divestment is considered for foreseeable future," Fredriksen said in a statement. Separately, Seadrill said Fredriksen's long-time collaborator Tor Olav Troeim will not seek re-election to the company's board.

Robert Bugbee speaking at CMA in March 2013

Bugbee Named 2014 CMA Commodore

Robert Bugbee, President of Scorpio has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2014. Mr. Bugbee follows a long succession of influential maritime industry leaders as Commodore. The 2014 Commodore Award will be presented to Mr. Bugbee on March 19, 2014 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, U.S. The Award is given…

Mr. Peter Evensen Named CMA 2013 Commodore

Award to be presented March 20, 2013 at the conclusion of the CMA's Shipping 2013 Annual Conference and Exposition. Mr. Peter Evensen, President and Chief Executive Officer (CEO) of Teekay Corporation (Teekay) has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2013. Mr. Evensen follows a long succession of influential maritime industry leaders as Commodore. The 2013 Commodore Award will be presented to Mr. Evensen on March 20, 2013 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition…

Seadrill Advance Charter Out Semi-submersible 'West Mira'

Seadrill has received a Letter of Award from Husky Oil Operations Limited for a new five-year contract for the newbuild harsh environment semi-submersible rig West Mira for operations in Canada and Greenland. Total estimated revenue potential for the contract, including mobilization and performance bonus is approximately US$1.18 billion for the five firm years. Total estimated revenue potential for the contract, including mobilization and performance bonus is approximately US$1.18-billion for the five firm years.