John Fredriksen has struck a deal to farm out management of many of his bulk carriers and tankers to one of Norway’s fastest growing shipmanagers.
OSM Maritime revealed today it is in final negotiations to acquire SeaTeam Management from Frontline and Golden Ocean. The transaction, which covers 51 ships, is expected to be completed next month.
Tommy Olofsen, chairman of OSM Maritime, said he was delighted to strengthen OSM’s relationship with one of the world’s largest shipping groups.
This demonstrates Frontline’s commitment to maintaining a lean organisation
Robert Macleod, CEO of Frontline, commented: “This transaction demonstrates Frontline’s ongoing commitment to maintaining a lean organisation without diminishing the earning capability of our tanker fleet.”
“With OSM taking over our in-house ship management, this allows us to consolidate our shipmanagement services which support our low-cost operating model and continue to deliver on our strategy of focusing on our core business of owning and managing modern large-sized dry bulk vessels,” said Ulrik Anderson, CEO of Golden Ocean.
“The acquisition of SeaTeam will further reinforce OSM’s position in Asia, where more than 100 vessels will be managed out of Singapore. OSM will thereby have two equal and highly competent management organisations in northern Europe and Singapore respectively, servicing its customers in these regions,” said Bjoern Sprotte, CEO of OSM Maritime.
OSM has had a very strong year attracting blue-chip Norwegian owners. It assumed management responsibility for 37 ships of Kristian Gerhard Jebsen in June and six vessels of GC Rieber Shipping earlier this month.