• 2019 August 14 12:01

    Golden Ocean Group Limited and Frontline Ltd. invest in Bunkering Joint Venture with Trafigura

    Golden Ocean Group Limited and Frontline Ltd. have entered into a non-binding term sheet agreement with Trafigura Group (“Trafigura”) to establish a leading global supplier of marine fuels (the “JV”), the company said in its release. Golden Ocean and Frontline will acquire 10 percent and 15 percent interests in the JV, respectively and Trafigura will contribute its existing physical bunkering activities to the JV. Subject to agreement on final terms, the JV is expected to commence operations in the third quarter of 2019, and will act as the exclusive purchaser of marine fuels for Trafigura, Golden Ocean and Frontline, as well as certain entities affiliated with Hemen Holding Ltd, Golden Ocean and Frontline’s largest shareholder.

    Birgitte Ringstad Vartdal, CEO of Golden Ocean Management AS and Robert Hvide Macleod, CEO of Frontline Management AS jointly commented: “It is anticipated that IMO 2020 will create logistical marine fuel supply issues for shipowners globally. In addition to presenting a compelling economic opportunity, our participation in the JV will ensure our ability to source and acquire marine fuels at competitive prices on a continuous basis. This transaction represents yet another instance where we have been able to leverage our relationship with other entities of Hemen Holding Ltd to create significant economies of scale and a real competitive advantage. We look forward to working with Trafigura, our JV partner, to create one of the world’s leading suppliers of marine fuels.”

    Jeremy Weir, Trafigura’s Executive Chairman and CEO, commented: “Today’s announcement represents a further progression in the development of Trafigura’s response to the challenges and opportunities the impending IMO 2020 regulation will present. We look forward to providing an essential service to our clients and working closely with Frontline and Golden Ocean to grow this venture into one of the world’s leading suppliers of marine fuels in the coming years.”

    Kenneth Dam, Trafigura’s Co-Head of Bunkering added: “Over the past 24 months, Trafigura has been growing its physical bunkering business worldwide. We believe that marine fuel market disruptions will be brought on by the implementation of IMO 2020 regulations and that the JV’s increased base volumes and greater access to both infrastructure and credit will provide increasingly competitive bunkering supply services to our customers. We are confident in our ability to supply quality products at competitive prices to the fleets controlled by the JV partners as well as to third party shipowners and operators.”

    About Golden Ocean Group Limited

    Golden Ocean is one of the world’s largest listed dry bulk shipping companies, based on market capitalization and trading liquidity. The company owns or controls a modern fleet of 77 vessels with an aggregate carrying capacity of approximately 10.7 million deadweight tons and an average age of less than 6 years. Golden Ocean’s significant scale is further enhanced by its commercial platform, which manages 44 additional vessels on behalf of third parties.

    About Frontline Ltd.

    Frontline Ltd. is a world leader in the seaborne transportation of crude oil and refined products. The Company owns and operates a large, modern fleet of 63 vessels with an aggregate carrying capacity of approximately 12.2 million deadweight tons and an average age of 4.3 years. Due to Frontline’s brand, financial flexibility, and significant scale, it holds a unique position among its peers.

    About Trafigura

    Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. Trafigura sources, stores, transports and delivers a range of raw materials (including oil and refined products and metals and minerals) to clients around the world. The trading business is supported by industrial and financial assets, including 49.3 percent owned global oil products storage and distribution company Puma Energy; global terminals, warehousing and logistics operator Impala Terminals; Trafigura’s Mining Group; and Galena Asset Management. The Company is owned by around 700 of its 4,300 employees who work in 66 offices in 38 countries around the world. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD180.7 billion in 2018. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade.




2019 December 5

18:05 ABS, MAN & SDARI join forces to develop ammonia-fueled feeder vessel
17:46 Throughput of Rostov-on-Don port in 11M’19 fell by 7% Y-o-Y to 21.1 million tonnes
17:21 Extraordinary general shareholders meeting of LUKOIL approves interim dividend
17:05 NORDEN enters new biofuel collaboration with Kvasir Technologies
16:28 Cargo traffic on Northern Sea Route can grow to 160 million tonnes by 2035 – Aleksandr Krutikov
16:05 ABS and CATL sign battery research agreement
15:54 Port of HaminaKotka published its statistics for November 2019
15:30 Ministry for Development of Russian Far East and Arctic expects special economic regime to come into force in Arctic in 2020
15:03 DNV GL and Huangpu-Wenchong sign JDP on 5,000 TEU LNG dual-fuel containership
14:49 Global project launched to tackle plastic litter from ships and fisheries
14:33 IMO Assembly approved renewal of Kitack Lim’s appointment as secretary-general of UN body
14:06 Torqeedo powers all-electric harbour water clean-up boat
13:06 YILPORT Puerto Bolívar now operates with four mobile harbor cranes
12:44 Bunker prices increase at the Far East ports of Russia (graph)
12:25 Norfolk, Virginia to host Port & Terminal Technology USA on 21-22 April 2020
12:17 MABUX: Bunker market this morning, Dec 05
12:08 Inmarsat launches Fleet LTE service in the North Sea
11:50 Forum «Arctic: Today and the Future» kicked off in Saint-Petersburg
11:29 “K” Line completes additional development (Phase-2) of “Kawasaki Integrated Maritime Solutions”
11:05 PIL upgrades Redsea Gulf Service and Intra-Redsea Feeder 5
10:37 DNV GL and GSI cooperate on AI-based solution to improve welding NDT efficiency
10:01 Bunker sales at port Vladivostok in 11M’19 grew by 53.2% to 1.58 million tonnes
09:36 Brent Crude futures price is down 0.1% to $62.94, Light Sweet Crude – down 0.38% to $58.2
09:18 Baltic Dry Index is down to 1,599 points
09:03 CMA CGM and Total sign a major agreement
06:49 Ocean Yield ASA announces delivery of three LR2 product tankers with long-term charters

2019 December 4

18:30 North Carolina Ports Chief Commercial Officer retires
18:09 Diana Shipping announces time charter contracts for m/v Myrsini with Ausca and m/v Artemis with Koch
17:47 DNV GL and GSI cooperate on AI-based solution to improve welding NDT efficiency
17:26 Freight turnover of Neva-Metal (Saint-Petersburg) in 11M’19 fell by 1% Y-o-Y to 2.93 million tonnes
17:09 ABS presents its innovative work at the annual meeting of the ABS South East Asia Regional Committee
16:48 Traficom: new study published on indicative analysis methods used in the control of ships’ ballast water treatment
16:32 Port of Gdynia increased container handling by 13% to 750.439 thousand tons in 10M’2019
16:09 Nexans, Eversource and Ørsted sign Framework Agreement for North American Offshore Wind Farm development with the opportunity to provide up to 1,000 kilometers of export cable for multiple Ørsted projects till 2027 in United States
15:52 Jotun A/S and COSCO Shipping International HK renew JV agreement
15:31 Cargo traffic within Azov-Don Basin of Russia’s IWWs down 9% to 9.57 million tonnes in 11M’19
15:10 The opening of Port Said tunnel under the Suez Canal provides faster access to SCCT
14:47 Port of Gdynia completed modernization and redevelopment of its video surveillance system
14:30 Port of Ipswich celebrates new partnership milestone with Metsä Wood UK
14:09 Maersk launches new visibility tool “Captain Peter”
13:51 ABP appointed new Head of Operations for Humber International Terminal
13:28 Moscow Canal completed project on digital mapping of Russia’s inland water ways
13:09 Georgia Ports Authority set to exceed 4.6M TEUs for the first time in a calendar year
12:47 Russian Maritime Register of Shipping takes part in Marintec China 2019
12:30 Crew of IBSV Gennadiy Nevelskoy rescued three men in Sea of Okhotsk
12:08 GTT and WISON sign a Technical Assistance and License Agreement for the construction of membrane tank systems
11:53 AS Tallink Grupp reports increase of passenger and cargo turnover in November 2019
11:26 Russian Railways: Loading of export cargo bound for domestic ports up 3.4% to 281.4 million tonnes in 11M’19
11:08 LR collaborates with DSIC and Man Energy Solutions for first ammonia-fuelled ULCS in China
10:47 Bunker market at the port of Saint-Petersburg sees mixed price movements, Russia (graph)
10:30 Hapag-Lloyd to revise the Currency Adjustment Factor for North Europe as of January 1, 2020
10:08 HEP to build the first hydrogen station at the Port of Amsterdam
10:03 MABUX: Bunker market this morning, Dec 04
09:56 Baltic Dry Index is up to 1,606 points
09:38 Lloyd’s Register grants AiP to CMES, CNOOC, DSIC and GTT for LNG dual-fuelled VLCC design
09:20 Brent Crude futures price is up 0.74% to $61.27, Light Sweet Crude – up 0.68% to $56.48
09:08 Odfjell SE reaches an agreement with Navig8 Chemical Tankers to expands stainless steel chemical tanker pool
08:53 Port of Hamburg anticipates positive impact from the EU-Singapore trade agreement
08:06 P.P. Shirshov Institute of Oceanology of the Russian Academy of Sciences development is declared the best innovative product at Seoul Fair
07:06 CMA CGM chooses the port of Marseille-Fos for the bunkering of its future 15,000-TEU vessels