GOGL -- Sale of Shares in Navios Maritime Holdings Inc.

Market Wire, June, 2009

Golden Ocean Group Limited ("Golden Ocean" or "the Company") announces the sale of 3,863,180 of the Company's shares in Navios Maritime Holdings Inc. The shares are sold at an average price of $4.50 per share.

The sale of the shares will increase the Company's cash position with $17.4 million. The transaction will result in a loss of $11.6 million that will be included in the Q2 2009 results. However, as this loss have already been taken over the equity prior to the sale of the shares, the net effect on the Company's equity will be an increase of $8.5 million.

After the sale Golden Ocean holds 1,411,965 shares in Navios Maritime Holdings Inc., which represents 1.41 per cent of the total outstanding shares.

June 25, 2009
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

Questions should be directed to:

Herman Billung
CEO Golden Ocean Management AS
 47 22 01 73 40

Geir Karlsen
CFO Golden Ocean Management AS
 47 22 01 73 53

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Copyright © Hugin AS 2009. All rights reserved.