Golden Ocean Group

Regulatory Filings • Feb 10, 2015

GOGL - Five drybulk shipowning groups join forces to create a strong chartering entity: Capesize Chartering Ltd

GOGL - Five drybulk shipowning groups join forces to create a strong chartering entity: Capesize Chartering Ltd

Bocimar International NV, CTM (C Transport Holding Ltd), Golden Union Shipping

Co S.A., Golden Ocean Group Limited ("Golden Ocean")  and STAR BULK CARRIERS

CORP have today announced the formation of a new joint venture company, Capesize

Chartering Ltd.

The parties operate in the highly competitive and fragmented Capesize industry,

and neither party owns, controls or manages sufficient Capesize vessels to

provide competitively priced bids and efficient trading and operations to serve

its customers.

The new company will combine and coordinate the chartering services of all the

parties. For the customers this represents the benefit of a wider geographic

area in which vessels can be made available and with shorter spread between

loading dates.  For the shipowners the major benefit is achieving a reduction in

costs, since always the best positioned vessel can be offered for a fixture of a

cargo. This will reduce ballast voyages and associated running costs, notably in

respect of bunkers.  A reduction of waiting time and time spent in positioning

the vessels will benefit the industry as a whole, in the form of reduction of

ballast bonuses and demurrage payable by charterers/cargo owners, and a

reduction of deviation, waiting time and idle time for the account of the

shipowners.

It is therefore our joint belief that the new company in sum will offer to the

market a combined Capesize fleet with more flexibility and options, that will

benefit both the shipowners and the charterers/cargo owners.

Bunkers savings through improved planning of vessel movements and positioning

also promotes the participating shipowners' combined efforts to promote CSR by

reducing carbon emissions.

Our business vision and model will be to offer to the market, irrespective of

ownership, the best suitable vessel taking into account the respective vessels'

characteristics, position and availability.

Stabilizing and improving net voyage returns to owners of Capesize vessels at

sustainable levels as a result of the contemplated optimization, will enhance

the participating shipowners ability to continue to maintain our vessels to the

highest standards demanded by the industry, which also will improve our ability

to offer to our customers high quality at competitive costs.

Capesize Chartering Ltd will commence operations in the second half of February

2015 from the existing offices of each of the five parties involved.

Bermuda, Piraeus, Antwerp, Monaco, Athens

February 10, 2015

For further information contact:

Herman Billung: CEO, Golden Ocean Management AS

+47 22 01 73 41

Important Information For Investors And Shareholders

This communication does not constitute an offer to sell or the solicitation of

an offer to buy any securities or a solicitation of any vote or approval.  In

connection with the proposed transaction between Golden Ocean Group Limited

("Golden Ocean") and Knightsbridge Shipping Limited ("Knightsbridge"),

Knightsbridge will file relevant materials with the Securities and Exchange

Commission (the "SEC"), including a registration statement of Knightsbridge on

Form F-4 that will include a joint proxy statement of Golden Ocean and

Knightsbridge that also constitutes a prospectus of Knightsbridge, and the joint

proxy statement/prospectus will be mailed to shareholders of Golden Ocean and

Knightsbridge. INVESTORS AND SECURITY HOLDERS OF GOLDEN OCEAN AND KNIGHTSBRIDGE

ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT

WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME

AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.  Investors and

security holders will be able to obtain free copies of the registration

statement and the joint proxy statement/prospectus (when available) and other

documents filed with or furnished to the SEC by Knightsbridge through the

website maintained by the SEC at http://www.sec.gov. Copies of the documents

filed with or furnished to the SEC by Knightsbridge will be available free of

charge on Knightsbridge's website at http://www.knightsbridgeshipping.com.

Additional information regarding the participants in the proxy solicitations and

a description of their direct and indirect interests, by security holdings or

otherwise, will be contained in the joint proxy statement/prospectus and other

relevant materials to be filed with or furnished to the SEC when they become

available.

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1893103]