During the spring of 2005 Golden Ocean Management AS built up its own commercial team with considerable experience from dry cargo chartering (physical and financial) and management.

 

In the fall of 2005 Golden Ocean Group Limited opened up an office in Singapore in order to have a foothold in the vital Far Eastern market place. To head up the office, Golden Ocean employed Mr. Anders Zorn. Golden Ocean Management Asia Pte. Ltd. is a fully integrated part of Golden Ocean’s commercial activities with a focus on local business development.

 

In August 2006 Golden Ocean completed a private placement of 24.500.000 shares placed at subscription price of NOK 5,25 per share. The proceeds from the offering were used to fund several strategic investments.

 

In December 2007 Golden Ocean completed a USD 200 million convertible bond offering. The proceeds from the bonds were used as part-financing of the company’s new building program.

 

From 2005 onwards Golden Ocean Group Limited enters into various contracts of long- and short-term timecharters, contracts of new buildings and financial instruments. The company grows rapidly and establishes a position as a major player in the Capesize and Panamax markets.  

 

During the fall of 2008 and into 2009 the freight rates drops significantly and Golden Ocean Group Limited experience that several of its counterparts are not willing or financially able to honor agreements. The non-performance of contracts put constraints on the company’s liquidity position and accelerates the need to seek further risk capital.

 

Hemen Holding Ltd., the main shareholder of Golden Ocean Group Ltd., successfully purchased 2/3 of the outstanding bonds from the bond issue December 2007. The purchase price was 30% plus accrued interest with settlement date March 10, 2009.

 

In February / March 2009 discussions with shipyards and other selected creditors took place in order to achieve reliefs in Golden Ocean’s contractual agreements.

 

On April 2^nd 2009 a placement of 180 million shares at a subscription price of NOK 4,10 per share was completed. The placement was significantly over-subscribed.

 

The equity infusion combined with various agreements reached with yards and lenders to Golden Ocean Group, the existing book of long term charter out agreements and the modern fleet created a solid financial fundament for the future operation of the vompany. The restructured balance sheet of Golden Ocean Group Limited also puts the company in a position where it can benefit from new opportunities in the dry-bulk market.

 

In November 2009 Golden Ocean started a process to pursue a secondary listing of Golden Ocean Group Limited in Singapore with the aim of tapping into the growing Asian investor market. The company has already substantial operational presence in Asia and a listing in Singapore is a natural next step in the corporate development. The Singapore Stock Exchange has approved a listing of Golden Ocean Group Limited on their Main Board and the listing is effective as of end of March 18th, 2010.