We source, store, blend and deliver physical commodities reliably, efficiently and responsibly anywhere in the world. 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. 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. 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. The acquisition, which is subject to definitive documentation, is expected to be completed within the next thirty days. “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. 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. The Company is owned by around 700 of its 4,300 employees who work in 66 offices in 38 countries around the world. Trafigura is among the largest and most active trading houses in the US. Golden Ocean Group Limited is a leading international dry bulk shipping company Read more. 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. Golden Ocean Group Limited and Frontline have teamed up with Trafigura Group to establish a global supplier of marine fuels. 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 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”). Frontline and Golden Ocean will acquire 15% and 10% interests in the JV, respectively and Trafigura will contribute its existing physical bunkering activities. Visit: https://www.frontline.bm, Golden Ocean is one of the world’s largest listed dry bulk shipping companies, based on market capitalization and trading liquidity. The company was created as a demerged part of Frontline in 2004 and listed on the Oslo Stock Exchange. Financial Calendar 26. GOGL - 2nd Quarter 2020 Results. 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. 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. Frontline and affiliated parties control as of July 7 32 % of Golden Ocean’s outstanding bond issue. Headquartered in Singapore with offices in India and the Philippines, SeaTeam employs some 2,000 personnel, including 1,900 seafarers. 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. 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. 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. “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. 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. Copy Link; Due to Frontline’s brand, financial flexibility, and significant scale, it holds a unique position among its peers. We have established a unique market position in the United States, currently one of the most dynamic regions in the global hydrocarbons industry. 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, 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”). 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. https://www.offshore-energy.biz/osm-to-acquire-seateam-from- Trafigura Group is joining forces with shipping firms Frontline and Golden Ocean to set up a company to supply shipping fuels globally, the three companies said in a joint statement on Tuesday. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade. 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. 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. In 2006, Frontline started a new Floating Production Storage and Offloading (FPSO) project, Sea Production . 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, Frontline and Golden Ocean, as well as certain entities affiliated with Hemen Holding Ltd, Frontline and Golden Ocean’s largest shareholder. As one of the world’s leading traders of metals and minerals, we recognise the potential for adverse social or environmental impacts associated with their extraction, processing and sale. 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. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD180.7 billion in 2018. Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. 13 August 2019 Golden Ocean Group Limited and Frontline Ltd. 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. 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 Matters discussed in this press release may constitute forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. 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. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD180.7 billion in 2018. 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 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 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. 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. The joint venture, TFG Marine, will act as the exclusive purchaser of marine fuels for Trafigura, Frontline and Golden Ocean. Golden Ocean Group is a Bermuda registered, Norway based dry bulk shipping company. 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