Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has acquired a 15% ownership interest in Singapore Marine, a dry bulk freight operator.
Thomas Semino, Chief Commercial Officer of Golden Ocean, will be appointed as a Director of Singapore Marine.
“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,” Semino commented.
As informed, Singapore Marine will initially focus on the Post Panamax to Capesize vessel segments.
The company, which has offices in Singapore, Geneva and Verbier, will seek to generate returns in all market conditions by employing an asset-light business model.
Singapore Marine has raised USD 105 million in available capital where Golden Ocean has provided USD 10 million in equity and USD 10 million in available subordinated shareholder loan.
Singapore Marine is sponsored by Peter Weernink, the former Chief Executive Officer of Swiss Marine SA. Weernink, who has a long track record of successfully growing dry bulk freight operations businesses, is the largest shareholder in the company.
GOGL currently has 77 vessels on the water with an average age of 5.5 years and commercial platform with an additional 44 ships under management.