Long term time charter contract

Press release from Golden Ocean Group Ltd. 03.03.2010

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to advise that the Company has fixed out on time charter one of its Jinhaiwan capesize new buildings (176,000 dwt). The vessel is expected to be delivered to the Charterer during second half this year for a four years time charter contract.

The agreed daily time charter rate is $29,500 less 5% total commission. This agreement reflects the previously stated chartering strategy and further strengthens the Company's cash position going forward.

Golden Ocean Group Limited