SOURCE: Golden Ocean Group

March 03, 2010 02:51 ET

GOGL - Long term time charter contract

HAMILTON, BERMUDA--(Marketwire - March 3, 2010) -

Press release from Golden Ocean Group Ltd. 03.10.2010

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to advise that the Company has fixed out on time charter one of its Jinhaiwan capesize new buildings (176,000 dwt). The vessel is expected to be delivered to the Charterer during second half this year for a four years time charter contract.

The agreed daily time charter rate is $29,500 less 5% total commission. This agreement reflects the previously stated chartering strategy and further strengthens the Company's cash position going forward.

Hamilton, Bermuda
March 3, 2010

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

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)


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