Ocean Group News

CMB.TECH has successfully completed the stock-for-stock merger between Golden Ocean Group Limited and CMB.TECH Bermuda, a wholly-owned subsidiary of CMB.TECH, with CMB.TECH Bermuda Ltd. as the surviving company, and with CMB.TECH as the issuer of the merger consideration shares. CMB.TECH has issued 95,952,934 new ordinary shares by means of a capital increase by contribution in kind. These shares will be delivered to former holders of Golden Ocean shares as merger consideration at the exchange ratio of 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean.

Golden Ocean Group Limited (NASDAQ: GOGL; Euronext Oslo Børs: GOGL) has issued an update on its planned stock-for-stock merger with CMB.TECH NV (NYSE: CMBT; Euronext Brussels: CMBT), confirming the transaction could close as early as August 20, 2025.Under the agreement, Golden Ocean will merge with CMB.TECH Bermuda Ltd., a wholly owned subsidiary of CMB.TECH, with the latter as the surviving entity. Golden Ocean shareholders will receive 0.95 newly issued ordinary shares of CMB.TECH for each Golden Ocean common share, subject to customary adjustments.

Ocean Group, a leader in the maritime industry in Quebec, announced a change in its shareholding structure, marking a milestone in its development. The transition is being carried out with the continued involvement of Mr. Gordon Bain, the company's founder, and through a management buyout process led by Mr.J acques Tanguay, the company's President and Chief Executive Officer. This change will allow Ocean Group to welcome new strategic partners while strengthening its Quebec and Canadian identity.Mr.

CMB.TECH and Golden Ocean Group have signed an agreement and plan of merger for a stock-for-stock merger, as contemplated by the term sheet previously announced on April 22.The transaction is structured as a merger, with Golden Ocean merging with and into CMB.TECH Bermuda, a wholly-owned subsidiary of CMB.TECH, with CMB.TECH Bermuda as the surviving company.The merger will create one of the largest listed diversified maritime groups in the world with a combined fleet of approximately 250 vessels.CMB.TECH’s strategy of diversification and decarbonization was in full swing in Q1 2025…

CMB.TECH and Golden Ocean Group have signed a term sheet for a contemplated stock-for-stock merger, with CMB.TECH as the surviving entity, based on an exchange ratio of 0.95 shares of CBM.TECH for each share of Golden Ocean.The Term Sheet has been unanimously approved by CMB.TECH’s Supervisory Board and by Golden Ocean’s Board of Directors, including its special transaction committee composed of disinterested directors.The transaction would be structured as a merger with Golden Ocean merging with and into CMB.TECH Bermuda Ltd.…

Belgian oil tanker group CMB.TECH has entered into a share purchase agreement with Hemen for the acquisition of its stake in dry bulk shipping company Golden Ocean.The acquisition agreement is for 81,363,730 shares in Golden Ocean Group, representing ca. 40.8% of Golden Ocean’s outstanding shares and votes which includes all Golden Ocean shares controlled by Hemen, at a price of $14.49 per share.The transaction will not trigger a mandatory takeover bid or similar offer in Bermuda…

Dry bulk shipping company Golden Ocean Group has appointed Tonesan Amissah as Director of the company.Amissah is a Barrister and Attorney-at-Law with over 30 years of experience in international corporate law.She is currently a Client Director at Ocorian Services (Bermuda), a global fiduciary and corporate services company where she oversees all aspects of client service. Amissah is a former partner of Appleby (Bermuda) where she led the funds and investment services team and was a senior member of the firm’s corporate department, having joined Appleby in 1989.

Golden Ocean Group Limited declared the purchase options for eight Capesize vessels under the long-term charter-in agreements with subsidiaries of SFL Corporation Ltd. The total purchase price is $112 million en bloc, and the options have been declared in connection with the 10th anniversary of the charter-in agreements. The acquisition will be financed through a new $90 million revolving credit facility subject to customary documentation, closing procedures, and cash on hand. It is expected that the acquisition will be completed during Q3 2025.

Ocean Group announced it is adopting HVO (Hydrotreated Vegetable Oil) renewable diesel fuel for all of its port towing operations.Made from renewable sources, including vegetable oils, residues of plant or animal origin, and used oils such as those derived from frying, HVO fuel reduces CO2 emissions by around 80% compared with traditional fossil fuels.Since 2023, Group Ocean has been testing the efficiency of HVO at its Delta Port and Fraser River sites. After months of data analysis and obtaining the necessary authorizations from Transport Canada…

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…

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.

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…

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.

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.

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…

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…

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.

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…

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.

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…

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…

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.

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…