Golden Ocean Buys Out Capesize Bulker from Its Joint Venture Partner

Golden Ocean Group Limited has acquired the outstanding 50% of the 2009 Korean built 180,000 dwt Capesize bulk carrier Golden Magnum from its Joint Venture partner.

The vessel was acquired in May 2013 and delivered in June of the same year. The Company believes that there is still some upside potential in asset values compared to the fair price the strategic partner has offered Golden Ocean. The partners continue to own one vessel jointly.

Through the acquisition Golden Ocean increases it’s exposure toward the capesize market and with prompt delivery it is expected that the vessel will contribute positively to the Company’s cash flow from the end of present quarter

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Golden Ocean, March 14, 2014