Golden Ocean Group acquires 8 newbuilding contracts

Golden Ocean Group Limited has acquired eight newbuilding contracts at Zhoushan Jinhaiwan Shipyard (Jinhaiwan) in China.

The delivered cost for the eight 80.000 dwt vessels is estimated to be about $410 million in total and will be delivered quarterly from September 2009. Golden Ocean has already ordered five capesize bulkers at Jinhaiwan. The experience gained so far indicates that this yard is likely to become one of the leading yards in China going forward. The competitive price on these contracts will secure Golden Ocean continued growth through investments in assets which have a reasonable low cash break even basis. The signing of the eight newbuilding contracts will further modernize the Golden Ocean fleet and is financially balanced through the recent sale of the four 1990- and 1994 built Panamaxes and the Company`s solid charter back log.

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