GOGL – Acquisition and Sale/Leaseback Agreement

Golden Ocean Group Limited (GOGL) is pleased to advise that the Company has purchased the 1999 built Panamax M/V Kingston Trader.

Simultaneously Golden Ocean has sold the vessel on back to back terms to Navigation Finance Corp ( NFC ) with a 10 years lease back at $ 9.300 per day on bare boat. The vessel is expected to be delivered in September 2006.

Throughout the charter party period GOGL has been granted the options to purchase the vessel back. At the termination of the charter NFC and GOGL have agreed a put / call option at $ 12,2 mill / $ 14,2 mill respectively.

Given the positive long term outlook for the dry bulk industry and the flexible structure of this deal, the management of Golden Ocean finds this as an attractive and commercially sound way to grow the company further.