Golden Ocean Group Limited ("Golden Ocean" or the "Company") advises that the Company has entered into two agreements to restructure some of the Company's charter contracts.
The Company has entered into an agreement with the Charterer of "Channel Navigator", whereby "Channel Alliance" is fixed out to the Charterer for the same remaining period as "Channel Navigator" and half the profit from the charter on "Channel Navigator" is allocated to the charter for "Channel Alliance". The new daily hire rate for both vessels starts at $32,700/day and will be reduced through 2012 to $32,000/day, and from January 1, 2013 the rate will stay at $32,000/day until the end of the charter period. The Charterer has an option to pay in cash to reduce the charter hire rate further.
The charterer of "Ocean Minerva" terminated the charter and redelivered the vessel to the Company prior to the minimum period of the charter (December 2012). Golden Ocean has been able to enter into a settlement agreement with the charterer, whereby the outstanding hire will be settled and the charterer will compensate the Company for early redelivery. The settlement amount shall be paid in full before end February 2012.
January 5, 2012
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
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Golden Ocean Group via Thomson Reuters ONE
