John Fredriksen’s Golden Ocean Group has acquired a 15% ownership interest in Singapore Marine, a dry bulk freight operator sponsored by Peter Weernink, the former chief executive officer of SwissMarine.
Singapore Marine, which has opened offices in Singapore, Geneva and Verbier, will initially focus on the post-panamax to capesize vessel segments and seeks to generate returns in all market conditions by employing an asset-light business model.
Thomas Semino, chief commercial officer of Golden Ocean, will be appointed as a director of Singapore Marine.
“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,” said Semino.
Singapore Marine has raised $105m in available capital where Golden Ocean has provided $10m in equity and a further $10m is available via a subordinated shareholder loan.