SOURCE: Golden Ocean Group

June 25, 2009 02:17 ET

GOGL -- Sale of Shares in Navios Maritime Holdings Inc.

HAMILTON, NORWAY--(Marketwire - June 25, 2009) - Golden Ocean Group Limited ("Golden Ocean" or "the Company") announces the sale of 3,863,180 of the Company's shares in Navios Maritime Holdings Inc. The shares are sold at an average price of $4.50 per share.

The sale of the shares will increase the Company's cash position with $17.4 million. The transaction will result in a loss of $11.6 million that will be included in the Q2 2009 results. However, as this loss have already been taken over the equity prior to the sale of the shares, the net effect on the Company's equity will be an increase of $8.5 million.

After the sale Golden Ocean holds 1,411,965 shares in Navios Maritime Holdings Inc., which represents 1.41 per cent of the total outstanding shares.

June 25, 2009
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

Questions should be directed to:

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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