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Tuesday, August 18, 2009

Press release from Golden Ocean Group Ltd.

Tuesday, 18 August 2009

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports net income of $101.0 million and earnings per share of $0.22 for the second quarter of 2009. This compares with net income and earnings per share of $201.0 million and $0.73 respectively for the second quarter of 2008. Total operating revenues for the second quarter were $85.2 million, total operating expenses were $57.6 million and net other income were $73.4 million.  Net other income includes the gain from the buy back of the Convertible Bond of $96.1 million as well as a loss from the sale of the Company's shares in Navios Maritime Holdings Inc (Navios) of $12.1 million. In addition an impairment loss of $4.1 million on the Company's remaining shares in Navios has been recorded in the quarter. 
Cash and cash equivalents increased by $108.0 million during the quarter. The Company generated cash from operating activities of $27.6 million and used $41.6 million in investing activities.  Investing activities include part payments on new buildings of $59.8 million. The Company generated $122 million in financing activities during the quarter.  Financing activities includes $108 million in new equity from the issuance of 180 million new shares in the Company.  In addition it includes repayment of debt of $71.5 million including the Convertible bond as well as $89.2 million in new debt. 
Golden Ocean reports net income of $117.3 million for the six months ended June 30, 2009, equivalent to earnings per share of $0.51. 
At June 30, 2009 the total number of shares outstanding in Golden Ocean was 456,990,107 of $0.10 par value each.
Source: Golden Ocean