GOGL - Long term time charter contract

Press release from Golden Ocean Group Ltd. 09.07.2009

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to advise that the Company has utilized the recent strength in the dry bulk market and fixed out on time charter the Panamax vessel M/V Golden Sakura (76,000 dwt, built 2007). The vessel will be delivered to the Charterer within the next month for a two years time charter contract.

The agreed daily time charter hire is $18,500 less 5% total commission. The vessel is on long term time charter to Golden Ocean at $10,700 per day. The agreed charter agreement further reduces the company's cash break even costs for its open tonnage and secures $5 million in additional net income.

Golden Ocean Group Limited