Semino commented: “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.”
Singapore Marine has raised US$105 million in available capital where Golden Ocean has provided US$10 million in equity and US$10 million in available subordinated shareholder loan. Weernink, who has a long track record of successfully growing dry bulk freight operations businesses, is the largest shareholder in the company.
