Golden Ocean Group Limited has acquired a 15% ownership interest in Singapore Marine Pte Ltd., a dry bulk freight operator sponsored by Peter Weernink, the former Chief Executive Officer of Swiss Marine SA, the company said in its release. Singapore Marine, which has offices in Singapore, Geneva and Verbier, will initially focus on the Post Panamax to Capesize vessel segments and seek to generate returns in all market conditions by employing an asset-light business model. Thomas Semino, Chief Commercial Officer of Golden Ocean, will be appointed as a Director of Singapore Marine.
Singapore Marine has raised $105 million in available capital where Golden Ocean has provided $10 million in equity and $10 million in available subordinated shareholder loan. Mr. Weernink, who has a long track record of successfully growing dry bulk freight operations businesses, is the largest shareholder in the company.