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. 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. Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. The information set forth herein speaks only as of the date hereof, and Frontline disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Golden Ocean Group Limited (“Golden Ocean”) (NASDAQ and OSE: GOGL) and Frontline Ltd. (“Frontline”) (NYSE and OSE: FRO) (together, the “Companies”) today announced that they have entered into a non-binding term sheet agreement with Trafigura Group (“Trafigura”) to establish a leading global supplier of marine fuels (the “JV”). Golden Ocean and Frontline will acquire 10 percent and 15 percent interests in the JV, respectively and Trafigura will contribute its […] “This transaction demonstrates Frontline’s ongoing commitment to maintaining a lean organization without diminishing the earning capability of our tanker fleet,” Robert Hvide Macleod, CEO of Frontline, noted. Frontline and Golden Ocean will acquire 15 percent and 10 percent interests in the JV, respectively and Trafigura … Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. “We look forward to finalizing our agreement with Frontline and Golden Ocean, after engaging in a very constructive dialogue,” Tommy Olofsen, chair of OSM Maritime, commented. 13 August 2019 - Frontline Ltd. ("Frontline") (NYSE and OSE: FRO) and Golden Ocean Group Limited (“Golden Ocean”) (NASDAQ and OSE: GOGL) (together, the “Companies”) today announced that they 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 deal is subject to definitive documentation which the … Our priority will be to work with our customers to find the most cost-effective and reliable solutions for continuity of supply amid the uncertainty and volatility created by IMO 2020. 35% of the company is owned by John Fredriksen. Matters discussed in this press release may constitute forward-looking statements. Golden Ocean and Frontline announced that they have entered into a non-binding term sheet agreement with Trafigura to establish a leading global supplier of marine fuels. Visit: https://www.trafigura.com. Trafigura is among the largest and most active trading houses in the US. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade. Headquartered in Singapore with offices in India and the Philippines, SeaTeam employs some 2,000 personnel, including 1,900 seafarers. 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. Ltd. Feb. CET. 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.”, Robert Hvide Macleod: Chief Executive Officer, Frontline Management AS+47 23 11 40 84, Inger M. Klemp: Chief Financial Officer, Frontline Management AS+47 23 11 40 76, Trafigura’s Global Press Office: +41 22 592 45 28 or [email protected], Frontline Ltd. is a world leader in the seaborne transportation of crude oil and refined products. OSM Maritime announced on Monday that it was in final negotiations to buy SeaTeam from Frontline and Golden Ocean. Frontline and Golden Ocean will acquire 15% and 10% interests in the joint venture respectively and Trafigura will contribute its existing physical bunkering activities, the three companies said. Frontline Ltd. ("Frontline") (NYSE and OSE: FRO) and Golden Ocean Group Limited (“Golden Ocean”) (NASDAQ and OSE: GOGL) (together, the “Companies”) today announced that they have entered into a non-binding term sheet agreement with Trafigura Group (“Trafigura”) to establish a leading global supplier of marine fuels (the “JV”). Copy Link; 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. OSM will thereby have two … management organisations in northern Europe and Singapore respectively,” Bjoern Sprotte, CEO of OSM Maritime, added. Share Share this Story: Trafigura in ship fuel venture with Frontline, Golden Ocean. As explained, the acquisition is expected to further strengthen OSM’s position as a provider of international ship management services and ensure “the continued safe and efficient operation” of 51 ships for which SeaTeam currently provides ship management. Frontline is listed on both the New York and Oslo Stock Exchanges under the symbol “FRO”. We have established a unique market position in the United States, currently one of the most dynamic regions in the global hydrocarbons industry. 19.11.2020. Impala Terminals, the independently managed multimodal logistics arm of the Trafigura Group, focuses on export-driven emerging markets. Established in 2009, SeaTeam provides ship management services to international shipowners. 27.05.2020. The Board remains confident that Frontline as the largest unsecured creditor in Golden Ocean and as the industry leader will take a leading role in the restructuring … Being a frontrunner in both innovative energy, propulsion, automation solutions we are a unique partner to keep your assets in a safe, reliable and […], September 21, 2020, The joint venture, TFG Marine, will act as the exclusive purchaser of marine fuels for Trafigura, Frontline and Golden Ocean. Words, such as, but not limited to "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. OSM buying Frontline and Golden Ocean's in-house shipmanagement company Norwegian group's expansion continues with the takeover of John Fredriksen-controlled SeaTeam Management Photo: Illustration. Frontline and affiliated parties control as of July 7 32 % of Golden Ocean’s outstanding bond issue. Fill the form to contact us or visit the locations page for the contact details, Report grievances safely, securely, anonymously and with confidence. GOGL - 3rd Quarter 2020 Results. Searching for "Frontline Ltd Golden Ocean Group Limited Ship Finance International Ltd" job or career in Norway?Welcome to CareerDP, your all in one easy to use job site that can assist you to any job search. 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. Golden Ocean Group Limited is a leading international dry bulk shipping company Read more. The Company is owned by around 700 of its 4,300 employees who work in 66 offices in 38 countries around the world. We source, store, blend and deliver physical commodities reliably, efficiently and responsibly anywhere in the world. Although Frontline believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the control of Frontline, Frontline cannot assure you that they will achieve or accomplish these expectations, beliefs or projections. Visit. Frontline Ltd. ("Frontline") (NYSE and OSE: FRO) and Golden Ocean Group Limited (“Golden Ocean”) (NASDAQ and OSE: GOGL) (together, the “Companies”) today announced that … Golden Ocean Group is a Bermuda registered, Norway based dry bulk shipping company. Image Courtesy: Golden Ocean. Frontline and Golden Ocean will acquire 15% and 10% interests in the joint venture respectively, while commodity trader Trafigura will contribute its existing physical bunkering activities and own the … Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD180.7 billion in 2018. Frontline Ltd. (“Frontline”) (NYSE and OSE: FRO) and Golden Ocean Group Limited (“Golden Ocean”) (NASDAQ and OSE: GOGL) (together, the “Companies”) today announced that they have entered into a non-binding term sheet agreement with Trafigura Group (“Trafigura”) to establish a leading global supplier of marine fuels (the “JV”). 13 August 2019 - Frontline Ltd. ("Frontline") (NYSE and OSE: FRO) and Golden Ocean Group Limited (“Golden Ocean”) (NASDAQ and OSE: GOGL) (together, the “Companies”) today announced that they 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 forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Norwegian maritime services provider OSM Maritime (OSM) revealed that it is in final negotiations to acquire SeaTeam Management from shipping companies Frontline and Golden Ocean Group Limited after reaching a preliminary agreement. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD180.7 billion in 2018. 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. Golden Myrtalia: Capesize Thome MI 2011 177 979 mt SWS Spot Golden Houston: Capesize OSM MI 2014 181 214 mt Imabari Spot Golden Sue: Panamax SeaTeam MI 2013 84 943 mt Sasebo Jan 2021 12 657 Golden Nimbus: Capesize Thome MI 2017 180 504 mt New Times Spot Golden Behike Frontline Ltd Golden Ocean Group Limited Ship Finance International Ltd Jobs 2020. by, OSM takes 37 Kristian Gerhard Jebsen ships under its management, Gallery: Colossal section of Golden Ray cut and loaded onto a barge, OSM to acquire SeaTeam from Frontline, Golden Ocean, TFG Marine to offer marine biofuels from Q1, 2021, Golden Ocean agrees major refinancing deal, returns to black, GC Rieber in fleet management deal with OSM, FSO Golden Star takes first condensate off Vietnam. Golden Ocean's significant scale is further enhanced by its commercial platform, which manages 44 additional vessels on behalf of third parties. https://www.offshore-energy.biz/osm-to-acquire-seateam-from- “With OSM taking over our in-house ship management, this allows us to consolidate our ship management services which support our low-cost operating model and continue to deliver on our strategy of focusing on our core business of owning and managing modern large-sized dry bulk vessels,” Ulrik Anderson, CEO of Golden Ocean, said. Frontline and Golden Ocean will acquire 15 percent and 10 percent interests in the JV, respectively and Trafigura will contribute its existing physical bunkering activities to the JV. Due to Frontline’s brand, financial flexibility, and significant scale, it holds a unique position among its peers. Frontline Ltd. (NYSE and OSE: FRO) and Golden Ocean Group Limited (Golden Ocean) (NASDAQ and OSE: GOGL) earlier today announced that they have entered into a non-binding term sheet agreement with Trafigura Group to establish a leading global supplier of marine fuels JV). Robert Hvide Macleod, CEO of Frontline Management AS and Birgitte Ringstad Vartdal, CEO of Golden Ocean Management AS jointly commented: “It is anticipated that IMO 2020 will create logistical marine fuel supply issues for shipowners globally. With offices in 48 countries, our network extends to every corner of the globe. In 2006, Frontline started a new Floating Production Storage and Offloading (FPSO) project, Sea Production . The acquisition, which is subject to definitive documentation, is expected to be completed within the next thirty days. Frontline Ltd. ("Frontline") (NYSE and OSE: FRO) and Golden Ocean Group Limited (“Golden Ocean”) (NASDAQ and OSE: GOGL) (together, the “Companies”) today announced that they have entered into a non-binding term sheet agreement with Trafigura Group (“Trafigura”) to establish a leading global supplier of marine fuels (the “JV”). 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. Latest Reports. 18.08.2020. Financial Calendar 26. 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. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade. Golden Ocean is listed on both the NASDAQ and Oslo Stock Exchanges under the symbol 'GOGL'.Visit: https://www.goldenocean.bm, Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. 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. Reporting by Terje Solsvik • Frontline • International Maritime Organization • John Fredriksen. GOGL is a volatile stock, and as with Frontline, dry freight derivatives are available. “The acquisition of SeaTeam will further reinforce OSM’s position in Asia, where more than 100 vessels will be managed out of Singapore. Trafigura is exclusively owned by its management and active employees, who are therefore focused on the long-term success of the business, promoting management depth and stability, and encouraging prudent risk management. Frontline has reportedly signed a term sheet with Golden Ocean, under which the parties agreed to propose a joint plan for a financial restructuring of Golden Ocean. The company was created as a demerged part of Frontline in 2004 and listed on the Oslo Stock Exchange. Trusted partner in electric technology Over the years, Alewijnse has been a trusted partner for various owners, operators and shipyards in new builds, mid-life extension programs and ad hoc service requests. Frontline and Golden Ocean will acquire 15 percent and 10 percent interests in the JV, respectively and Trafigura will contribute its existing physical bunkering activities to the JV. 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