SOURCE: Golden Ocean Group
GOGL - Sale of vessel
HAMILTON, BERMUDA--(Marketwire - January 8, 2008) -
Golden Ocean Group Limited ("Golden Ocean" or the "Company") has
agreed to sell one of the Company's capesize newbuildings contracted
in December 2006 at Daehan Shipbuilding Co., South Korea. The vessel
is sold for net sale proceeds of $121.4 million and delivery to the
buyers is expected to take place in August 2008.
The transaction will give a positive result of approximately $46.4 million, and this will be recorded at delivery of the vessel.
The vessel is already fixed out on a five years time charter contract at a rate which is lower than present market. Management in Golden Ocean is of the opinion that the achieved sales price of the vessel with the contract connected to it represents an attractive deal in today's market. The sale of the vessel is likely to increase Golden Ocean's dividend capacity going forward.
January 8, 2008 Hamilton, Bermuda Contact Persons: Herman Billung: CEO, Golden Ocean Management AS +47 22 01 73 41 Geir Karlsen: CFO, Golden Ocean Management AS +47 22 01 73 53
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