Golden Ocean Ups Investment into Singapore Marine
Golden Ocean Group Limited (GOGL) is to make a further investment in Singapore Marine Pte Ltd. in connection with the acquisition of the majority of assets and operations of Swiss Marine.
Including new commitments from Golden Ocean of USD 9.5 million in equity and USD 0.7 million in the form of a shareholder loan, Singapore Marine has raised a USD 44 million in addition to the USD 105 million in available capital raised in April 2019.
The company has in total invested USD 19.5 million in equity and USD 10.7 million in shareholder loans, which as of today are fully drawn.
“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,” Thomas Semino, Chief Commercial Officer of Golden Ocean and a Director of Singapore Marine, said.
Swiss Marine, the 2001-founded freight operator, transported over 120 million metric tons of cargo in 2018.