SOURCE: Golden Ocean Group

January 20, 2010 11:59 ET

GOGL - Contractual non performance

HAMILTON, BERMUDA--(Marketwire - January 20, 2010) - Golden Ocean Group Limited ("Golden Ocean or the "Company") today announces that Trustworth Shipping PTE Limited, Singapore has failed to honor its obligations as charterer of a ten year time charter contract on a newbuilding Capesize vessel named MV Golden Future. The vessel is scheduled to be delivered from Jinhaiwan Shipyard to Golden Ocean by the end of January 2010.

Following detailed negotiations with Mr. Anil V Salgaocar on behalf of Trustworth and its guarantor Salgaocar Mining Industries of Goa, the vessel was chartered on 2 February 2008 by Golden Ocean to Trustworth for a period of 10 years at a rate of $40,500 per day. The charterers and the guarantors have recently without justification refused to take delivery of the vessel, stating that there is no contract or guarantee in existence, which is contrary to all oral and written communication leading up to, concluding and subsequent to the agreement.

Golden Ocean will make every effort to pursue and secure its claim for damages through legal proceedings.

The vessel will now be employed in the market in order to mitigate losses.

Hamilton, Bermuda January 20, 2010

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)


[HUG#1375437]

Contact Information

  • Contact persons:
    Herman Billung
    CEO
    Golden Ocean Management AS
    +47 22 01 73 40

    Geir Karlsen
    CFO
    Golden Ocean Management AS
    +47 22 01 73 53