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 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 … Impala Terminals, the independently managed multimodal logistics arm of the Trafigura Group, focuses on export-driven emerging markets. OSM will thereby have two … management organisations in northern Europe and Singapore respectively,” Bjoern Sprotte, CEO of OSM Maritime, added. Copy Link; “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. 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 media@trafigura.com, Frontline Ltd. is a world leader in the seaborne transportation of crude oil and refined products. We source, store, blend and deliver physical commodities reliably, efficiently and responsibly anywhere in the world. GOGL - 2nd Quarter 2020 Results. 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 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). https://www.offshore-energy.biz/osm-to-acquire-seateam-from- The acquisition, which is subject to definitive documentation, is expected to be completed within the next thirty days. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade. Share Share this Story: Trafigura in ship fuel venture with Frontline, Golden Ocean. 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. 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 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. 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”). 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. 27.05.2020. 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. The Company is owned by around 700 of its 4,300 employees who work in 66 offices in 38 countries around the world. We have established a unique market position in the United States, currently one of the most dynamic regions in the global hydrocarbons industry. 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”). Frontline Ltd Golden Ocean Group Limited Ship Finance International Ltd Jobs 2020. 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. 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. 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. Image Courtesy: 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. Golden Ocean Group is a Bermuda registered, Norway based dry bulk shipping company. “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. 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. 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. 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 (GOGL), a dry bulk carrier firm, was also spun off of Frontline and listed on the Oslo Stock Exchange. With offices in 48 countries, our network extends to every corner of the globe. The deal is subject to definitive documentation which the … Frontline and Golden Ocean will acquire 15% and 10% interests in the JV, respectively and Trafigura will contribute its existing physical bunkering activities. Frontline and affiliated parties control as of July 7 32 % of Golden Ocean’s outstanding bond issue. Golden Ocean's significant scale is further enhanced by its commercial platform, which manages 44 additional vessels on behalf of third parties. 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. Golden Ocean Group Limited is a leading international dry bulk shipping company Read more. 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. Fill the form to contact us or visit the locations page for the contact details, Report grievances safely, securely, anonymously and with confidence. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD180.7 billion in 2018. Ltd. Photo: Illustration. 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. 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, Visit: https://www.trafigura.com. 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 … Golden Ocean and Frontline will acquire 10 percent and 15 percent interests in the JV, respectively and Trafigura will contribute its […] Trafigura is among the largest and most active trading houses in the US. Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. Article Sidebar. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 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. 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 Visit. 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. Frontline and Golden Ocean will own 15% and 10% interest in the joint venture, respectively, and Trafigura will contribute its existing physical bunkering activities to the new company. “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. Due to Frontline’s brand, financial flexibility, and significant scale, it holds a unique position among its peers. GOGL - 3rd Quarter 2020 Results. Golden Ocean Group Limited (“Golden Ocean”) (NASDAQ and OSE: GOGL) and Frontline Ltd. ("Frontline") (NYSE and OSE: FRO) (together, the “Companies”) … 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. Established in 2009, SeaTeam provides ship management services to international shipowners. 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 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. 19.11.2020. Matters discussed in this press release may constitute forward-looking statements. 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 … Frontline is listed on both the New York and Oslo Stock Exchanges under the symbol “FRO”. GOGL is a volatile stock, and as with Frontline, dry freight derivatives are available. 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 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. 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. The Company is owned by around 700 of its 4,300 employees who work in 66 offices in 38 countries 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. In 2006, Frontline started a new Floating Production Storage and Offloading (FPSO) project, Sea Production . The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. 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. Golden Ocean and Frontline will acquire 10 percent and 15 percent interests respectively in the joint venture, and Trafigura will contribute its existing physical bunkering activities to the new company. 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. 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. 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. The company was created as a demerged part of Frontline in 2004 and listed on the Oslo Stock Exchange. 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. 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 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. 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. Quarterly Report – Q4 2020 Link to webcast: TBA. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade. 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 remaining 75%. 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 Headquartered in Singapore with offices in India and the Philippines, SeaTeam employs some 2,000 personnel, including 1,900 seafarers. 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. Golden Ocean Group Limited and Frontline have teamed up with Trafigura Group to establish a global supplier of marine fuels. 18.08.2020. 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. 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. OSM Maritime announced on Monday that it was in final negotiations to buy SeaTeam from Frontline and Golden Ocean. 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 acquisition of SeaTeam will further reinforce OSM’s position in Asia, where more than 100 vessels will be managed out of Singapore. 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. Financial Calendar 26. Copyright © 2021 Trafigura Group Pte. 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. 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. Latest Reports. The joint venture, TFG Marine, will act as the exclusive purchaser of marine fuels for Trafigura, Frontline and Golden Ocean. 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. Frontline and Golden Ocean will acquire 15 percent and 10 percent interests in the JV, respectively and Trafigura … 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”). Feb. CET. 35% of the company is owned by John Fredriksen. 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 2009, SeaTeam provides ship management services to international shipowners including 1,900 seafarers,! 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