SOURCE: Golden Ocean Group

January 23, 2008 02:42 ET

GOGL - Long term time charter contracts

HAMILTON, BERMUDA--(Marketwire - January 23, 2008) -

Golden Ocean Group Limited ("Golden Ocean" or the "Company) is pleased to advise that the Company has fixed out on time charter two of the Kamsarmax newbuildings from Zhoushan Jinhaiwan Shipyard (Jinhaiwan) in China.

The Company will take delivery of a total of 8 vessels of this size between September 2009 and March 2011 and the two units chartered out on time charter will be delivered to their Charterers during the second half of 2010 for a period of five years.

The agreed daily time charter hire is $28.000 less 5% total commission, which will write down the assets to less than 50% of the original contract based on 15% return on equity.

This transaction shows the Company's ability to generate strong returns also in a long term perspective

Hamilton, Bermuda
January 23, 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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