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GOGL - Restructuring at Jinhaiwan

33598 fcras 17/9 2010 08:18

Published: 07:49 CEST 17-09-2010 /Thomson Reuters /Source: Golden Ocean Group /XOSL: TICKER GOGL /ISIN: BMG4032A1045

GOGL - Restructuring at Jinhaiwan

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to announce that it has succeeded in restructuring the newbuilding programme at Zhoushan Jinhaiwan Shipyard Co., Ltd. ("Jinhaiwan").

This relates in particular to the six Kamsarmax vessels that previously have been structured in single purpose companies and the Capesize newbuilding called Golden Nantong. Due to Jinhaiwans's commitment to Golden Ocean and our good relationship, the Company has agreed to build four of the six SPC Kamsarmax vessels. The last two of the six Kamsarmax vessels have been converted into ice class Panamax vessels. Furthermore, it has been agreed to build two more iceclass Panamax vessels. Finally, it has been agreed that Golden Nantong will have a new contract price more in line with today's market level. The total cost of the nine newbuildings is USD 339.5 million, of which USD 74.9 million has already been paid in by the Company in 2007 and 2008.

The Board is satisfied with this transaction, which enables the Company to utilise the paid in cash in the six SPCs and demonstrates Golden Ocean's commitment to future growth. The Company is considering different sources of funding and is confident that they will obtain sufficient financing for the newbuildings.

The aforementioned vessels were impaired by USD 16.8 million in the Company's accounts for 2008. The Company has based on testing of the vessel values and contracts concluded to reverse this impairment in the third quarter of 2010.

The Company has at the same time entered into an agreement to fix out the four Kamsarmax vessels. Two vessels are fixed out for 10 years on bareboat charter. The agreed daily bareboat rate is USD 13,300 / day net. Two vessels are fixed out for 5 years on time charter. The agreed daily time charter rate is USD 19,950 / day net. In addition there are profit share agreements on all four contracts that will give Golden Ocean 50 % of the income above USD 23,000 / day.

Herman Billung, CEO in Golden Ocean Management AS, says in a comment: "We are very pleased with the conclusion of this new deal. The restructuring of the Jinhaiwan agreement is significantly increasing the net asset value of the Golden Ocean shares compared to the Companies earlier commitments. The combination of the restructuring with the charter agreement for four of the vessels reduces the risk in the transaction going forward, while the market related exposure on the charters gives potential upside to the Company. The total deal confirms Golden Ocean's strategy to grow the company through low risk transactions with strong focus on shareholder value creation, including a high dividend capacity going forward."

September 17, 2010

The Board of Directors

Golden Ocean Group Limited

Hamilton, Bermuda

Contact Persons:
Herman Billung: CEO, Golden Ocean Management AS
+47 22 01 73 41

Birgitte Ringstad Vartdal: CFO, Golden Ocean Management AS
+47 22 01 73 53
Golden Ocean (GOGL) website:
Photo: Ice Class Panamax "Golden Oportunity"


17/9 2010 11:40 fcras 033605

Oslo (TDN Finans): Capersizeren som Golden Ocean Group har fått ny kontraktspris på fra Jinhaiwan-verftet er redusert med 17,5 millioner dollar fra den opprinnelige prisen.

Det sier finansdirektør Birgitte Ringstad Vartdal i Golden Ocean Group til TDN Finans fredag.

Ifølge Vartdal var den opprinnelige nybyggsprogrammet på syv skip som skulle koste 373 millioner dollar. Programmet er nå på ni skip, som skal koste 339,5 millioner dollar.

-Det er en bra deal det, sier hun.

To av de opprinnelige planlagte kamsarmaxene skal konverteres til panamax og det er bestilt to ytterligere panamax i tillegg

(TDN Finans-artikkel klokken 08:06).

17/9 2010 14:52 fcras 033616

Golden Ocean seizes Salgaocar ship

A Norwegian bulker owner has raised the stakes in its legal battle with India’s Salgaocar Mining in an effort to recoup losses from a failed charter.

Last week, Golden Ocean had the Salgaocar-controlled, 140,000-dwt capesize bulker Cape Santa Milagria (built 1985) arrested in the South African port of Saldanha Bay. The ship had just completed loading a cargo of iron ore when the arrest warrant was posted on its bridge.

South African shipping sources tell TradeWinds that the Cape Santa Milagria was then moved to an anchorage off Cape Town, where it has been attracting a lot of media attention as local residents wonder why a fully laden bulker has been anchored off their coastline for so long.

Golden Ocean chief executive Herman Billung confirms his company has had the vessel arrested as security for its case against the Indian miner.

In January, the Oslo and Singapore-listed company revealed that Salgaocar, through a Singapore-based chartering subsidiary called Trustworth Shipping, had backed out of a charter deal for a capesize newbuilding worth an estimated $150m.

Golden Ocean claims that Trustworth had signed a charter agreement in early 2008 that would have seen it take the 176,000-dwt Golden Future (built 2010) for 10 years at $40,500 per day. The company later backed out, claiming nothing had ever been signed, although Golden Ocean officals have dismissed this claim as a blatant lie.

The Cape Santa Milagria is one of three capesizes owned by Salgaocar through a Singaporean shipowning vehicle called Singapore Star Shipping. The company shares the same address and management as Trustworth.

Golden Ocean chairman John Fredriksen is said to be taking the dispute with Salgaocar quite personally and the company has been threatening to go after it with all legal guns blazing.

Billung did not say whether Golden Ocean plans to arrest any other Salgaocar-controlled vessels.

By Jonathan Boonzaier Singapore

Published: 20:00 GMT, 15 Sep 10 | updated: 20:00 GMT, 15 Sep 10

17/9 2010 15:17 fcras 033622

"Last week, Golden Ocean had the Salgaocar-controlled, 140,000-dwt capesize bulker Cape Santa Milagria (built 1985) arrested in the South African port of Saldanha Bay. The ship had just completed loading a cargo of iron ore when the arrest warrant was posted on its bridge"

Photo: "Cape Santa Milagria" in Singapore januar 2009