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Trafigura Group (“Trafigura”) to establish a leading global supplier of marine
fuels (the “JV”). 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. 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, Golden
Ocean and Frontline, as well as certain entities affiliated with Hemen Holding
Ltd, Golden Ocean and Frontline’s largest shareholder.
Birgitte Ringstad Vartdal, CEO of Golden Ocean Management AS and Robert Hvide
Macleod, CEO of Frontline Management AS jointly commented: “It is anticipated
that IMO 2020 will create logistical marine fuel supply issues for shipowners
globally. 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. 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. 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. 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. 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. 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.”
August 13, 2019
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
Birgitte Ringstad Vartdal: Chief Executive Officer, Golden Ocean Management AS
+47 22 01 73 53
Per Heiberg: Chief Financial Officer, Golden Ocean Management AS
+47 22 01 73 45
Trafigura’s Global Press Office: +41 22 592 45 28 or [email protected]
Notes to Editors
About Golden Ocean Group Limited
Golden Ocean is one of the world’s largest listed dry bulk shipping companies,
based on market capitalization and trading liquidity. 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. Golden Ocean’s significant scale is further enhanced by its commercial
platform, which manages 44 additional vessels on behalf of third parties. Golden
Ocean is listed on both the NASDAQ and Oslo Stock Exchanges under the symbol
‘GOGL’. Visit: www.goldenocean.bm
About Frontline Ltd.
Frontline Ltd. is a world leader in the seaborne transportation of crude oil and
refined products. 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. Due to Frontline’s brand,
financial flexibility, and significant scale, it holds a unique position among
its peers. Frontline is listed on both the New York and Oslo Stock Exchanges
under the symbol “FRO.” Visit: www.frontline.bm
About Trafigura
Founded in 1993, Trafigura is one of the largest physical commodities trading
groups in the world. 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. 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. The Company is owned by around 700 of its 4,300 employees who work
in 66 offices in 38 countries around the world. Trafigura has achieved
substantial growth over recent years, growing revenue from USD12 billion in
2003 to USD180.7 billion in 2018. The Group has been connecting its customers to
the global economy for more than two decades, growing prosperity by advancing
trade. Visit: www.trafigura.com
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. 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. 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.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions.
Although Golden Ocean 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 Golden Ocean, Golden Ocean cannot assure you that they will
achieve or accomplish these expectations, beliefs or projections. The
information set forth herein speaks only as of the date hereof, and Golden Ocean
disclaims any intention or obligation to update any forward-looking statements
as a result of developments occurring after the date of this communication.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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