SOURCE: Golden Ocean Group

March 10, 2008 03:49 ET

GOGL - Long term time charter contract

HAMILTON, BERMUDA--(Marketwire - March 10, 2008) -

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to advise that the Company has fixed out on time charter the Panamax vessel Salvatore Cafiero.

The vessel presently traded in the spot market will be delivered to the Charterer by the end of June 2008 and will be on time charter for the remaining of the "Time Charter in" period (September - December 2010).

The agreed daily time charter hire is $62,000 less 5% total commission against a cash break even rate of $17,550 per day.

This transaction will generate a free cash flow of about $34 million over the time charter period, and this further strengthens Golden Ocean's long term commitment to deliver a high return to the shareholders including a solid dividend.

Hamilton, Bermuda
March 10, 2008

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

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