Golden Ocean Group Limited (NASDAQ and OSE: GOGL) (“Golden Ocean” or the “Company”) today announced that it has acquired a 15% ownership interest in Singapore Marine Pte Ltd. (“Singapore Marine”), a dry bulk freight operator sponsored by Peter Weernink, the former Chief Executive Officer of Swiss Marine SA.
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.
Semino commented: “While Singapore Marine will operate independently from Golden Ocean and our participation in the company is primarily financial, we expect to derive additional value through this relationship. Golden Ocean’s significant commercial capabilities and the depth of its market intelligence will be further enhanced by this new relationship.”
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. Weernink, who has a long track record of successfully growing dry bulk freight operations businesses, is the largest shareholder in the company.
Sea News, April 11