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.