14AUG2019 - NEWS - Golden Ocean Group Limited and Frontline Ltd. invest in Bunkering Joint Venture with Trafigura

Golden Ocean Group Limited and Frontline Ltd. yesterday announced that they have entered into a non-binding term sheet agreement with Trafigura Group to establish a leading global supplier of marine fuels. 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.