Knightsbridge and Golden Ocean Group Merger Approved, Creating Dry Bulk Giant

A merger between dry bulk shippers Golden Ocean Group Ltd (OSE: GOGL) and Knightsbridge Shipping Ltd (Nasdaq: VLCCF) has been formally accepted by shareholders, thereby creating one of many largest dry bulk transport corporations on the earth.

The merger between the 2 corporations was first introduced final October however was topic to approval by the shareholders of each Golden Ocean and Knightsbridge throughout separate particular normal conferences, each of which have been held this morning.

The mixed firm will likely be renamed Golden Ocean Group Limited, with the Fredriksen household holding 39% of the shares and votes within the mixed firm by way of Hemen Holdings.

The merger creates one of many world’s main dry bulk corporations with a contemporary fleet of 72 vessels, together with 36 are newbuildings beneath development. Including the newbuilds, the mixed fleet will encompass 46 Capesize vessels, 10 ice class Panamax vessels, 8 Kamsarmax vessels and eight Supramax vessels.

A good portion of the newbuildings have been initially ordered by Frontline 2012, an organization managed by Fredriksen, that have been bought to Knightsbridge in March 2014.

The merger comes amid a large downturn within the dry bulk market.

More particulars on the mixed firm and merger might be discovered HERE.