SPACER SPACER SPACER SPACER SPACER SPACER
MARINE LOG MAGAZINESave the dates!
SPACER SPACER SPACER SPACER SPACER SPACER
CURRENT ISSUE

OFFSHORE WIND
What size market will offshore wind farms create for the U.S. marine industry?

Huge
Quite substantial
Limited
Negligible

January 20, 2010

Golden Ocean says charterer fails to honor contract

Dry bulk specialist Golden Ocean Group Limited today claimed in an Oslo Stock Exchange announcement that Trustworth Shipping PTE Limited, Singapore had failed to honor its obligations as charterer of a ten year time charter contract on a newbuilding Capesize vessel named MV Golden Future. The vessel is scheduled to be delivered from Jinhaiwan Shipyard to Golden Ocean by the end of January 2010.

Golden Ocean, whose largest shareholder is John Fredriksen's Heming Holdings, says that, following detailed negotiations with Mr. Anil V Salgaocar on behalf of Trustworth and its guarantor Salgaocar Mining Industries of Goa, the vessel was chartered on February 2008 by Golden Ocean to Trustworth for a period of 10 years at a rate of $40,500 per day.

Golden Ocean says that "the charterers and the guarantors have recently without justification refused to take delivery of the vessel, stating that there is no contract or guarantee in existence, which is contrary to all oral and written communication leading up to, concluding and subsequent to the agreement."

Golden Ocean says it will make every effort to pursue and secure its claim for damages through legal proceedings. It adds that the vessel will now be employed in the market in order to mitigate losses.


marine log logo