GOGL - Long term time charter contract

Press release from Golden Ocean Group Ltd. 23.09.2009

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to advise that the Company has utilized the recent strength in the Panamax market and fixed out on time charter the Panamax vessel M/V Golden Kiji (76,000 dwt, built 2007). The vessel is expected to be delivered to the Charterer by the end of the year for a two years time charter contract.

The agreed daily time charter rate is $18,250 less 5% total commission. The vessel is on long term time charter to Golden Ocean at $11,600 per day. The agreed charter agreement further reduces the Company's cash break even costs for its open tonnage and secures about $4 million in additional net income over the time charter period.

Golden Ocean Group Limited