Stocks that Float: TANKERS & DRY BULK SHIPPERS

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GM Stuffit. GDOCF.PK 6.10 Look at the price of new ships: a Capesize bulker costs USD121.4 million (not long ago USD84 mill.)!

GDOCF is raking in dividend money. Good.

Published: 08:45 08.01.2008 GMT+1 /HUGIN /Source: Golden Ocean Group /OSE: GOGL /ISIN: BMG4032A1045

GOGL - Sale of vessel

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
[phone]

Geir Karlsen: CFO, Golden Ocean Management AS
[phone]