Golden Ocean Sale-Leaseback

Golden Ocean Group (“GOGL”) this week reported the sale of one of its Kamsarmax newbuildings scheduled to be delivered in the 3rd quarter 2009 and currently under construction at the Jinhaiwan Shipyard in China. Upon delivery to the buyers, the vessel will commence a 10 year bareboat charter with GOGL at a rate of $21,975 per day. The transaction provides for annual purchase options beginning in year 4. the purchase price after 10 years is $40 million. At delivery, the seller will net $21 million cash. The IRR is approximately 10% for the full term

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