Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports
net income of $201.0 million and earnings per share of $0.73 for the
second quarter of 2008. This compares with net income and earnings
per share of $25.6 million and $0.09 respectively for the second
quarter of 2007. Total operating revenues for the second quarter
were $243.8 million, total operating expenses were $180.3 million and
net other expenses were $8.3 million. Included in the second quarter
results is a gain on the sale of assets of $145.8 million. This
relates to the announced sales of the two Panamax vessels Golden
Jasmine and Golden Jade in addition to the sale of the first Capesize
newbuilding delivered from the Daehan Shipyard in Korea.
Golden Ocean reports net income of $254.7 million for the six months
ended June 30, 2008, equivalent to earnings per share of $0.92.
Cash and cash equivalents decreased by $30.6 million during the
quarter. The Company generated cash from operating activities of
$92.5 million, received $124.6 million from investing activities and
paid $247.6 million in financing activities. This includes part
payments on newbuilding instalments of $117.2 million. During the
second quarter the Company repaid $152.9 million in debt and borrowed
an additional $61.4 million.
On August 20, 2008 the Board has declared a dividend of $0.40 per
share. The record date for the dividend is September 4, 2008, ex
dividend date is September 2, 2008 and the dividend will be paid on
or about September 10, 2008.
At June 30, 2008 the total number of shares outstanding in Golden
Ocean was 276,740,107 of $0.10 par value each.
The full report is available in the enclosed attachment.
August 20, 2008
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
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