Dry bulk shipping company Golden Ocean has completed its acquisition of 16 modern dry bulk vessels as part of ship-for-share transactions announced earlier this year, the company said in its second quarter report released Thursday. Golden Ocean reported a net loss of $12 million in the second quarter of 2017, an improvement compared to the company's $39.2 million loss in … [Read more...]
Golden Ocean Acquires 16 Modern Bulk Carrier in All-Share Deal
Dry bulk shipping company Golden Ocean (NASDAQ and OSE: GOGL) has announced that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction valued at $412 million. Of the 16 vessels, 14 will be acquired from subsidiaries of Quintana Shipping, and two ice class Panamax vessels will be acquired from subsidiaries of Seatankers, an affiliate … [Read more...]
Golden Ocean CEO Takes Comfort in Dry Bulk Order Book at 15-Year Low
OSLO, Feb 28 (Reuters) - ** Dry bulk shipper Golden Ocean's CEO Birgitte Ringstad Vartdal says industry now faces more positive outlook after market brutal downturn ** Says demand is picking up, supported by increase in steel consumptions both in China and in the rest of the world; coal demand is a swing factor ** The single most important reason explaining an … [Read more...]
Golden Ocean CEO Says Shipping Market Is Worst in Modern History
By Mikael Holter and Alex Longley (Bloomberg) -- Shippers ferrying coal, iron ore and grains across the globe have never had it this bad and should expect little respite for another two years, according to Golden Ocean Group Ltd., a company part owned by Norway-born billionaire John Fredriksen. An enormous oversupply of vessels isn’t sustainable and the dry-bulk industry … [Read more...]
Golden Ocean CEO On Weak Market: “We are in a very serious situation”
OSLO, Feb 18 (Reuters) - 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. Below are comments from CEO Herman Billung during a fourth-quarter … [Read more...]
Dry Bulk Shipping Company Golden Ocean Eyeing $200 Million in Restructuring
OSLO, Feb 18 (Reuters) - 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 … [Read more...]
Tycoon Fredriksen’s Firms See Diverging Fortunes
By Gwladys Fouche OSLO, Nov 24 (Reuters) - Firms in Norwegian-born billionaire John Fredriksen's empire saw contrasting fortunes on Tuesday, as rig firm Seadrill booked $1.8 billion in writedowns while tanker firm Frontline turned around its fortunes after years of turmoil. The shipping tycoon, nicknamed "Big Wolf" or "Big John" in the shipping industry, controls … [Read more...]