Bermuda-based Golden Ocean Group Ltd. announced on Friday that the Company has acquired two newbuilding contracts at Daehan Shipbuilding Co., Ltd., South Korea, as well as two newbuilding contracts at Zhoushan Jinhaiwan Shipyard in China.

The vessels of 170,000 dwt and 176.000 dwt respectively will be delivered between December 2008 and October 2009.

The total purchase price for the four units is $296 million. Given the continuous positive outlook for the global steel production and the age profile of the existing capesize fleet, the management has a positive market view for this sector going forward.

In a statement released on PrimeNewswire, the board of Golden Ocean said the combination of price and time of delivery was attractive, and an additional step in the company’s ambitious growth strategy. The company has been granted the option for an additional two vessels from each yard, and these vessels can be delivered within first half of 2010.

The financing of the newbuildings will be accomplished through a combination of bank debt and liquidity generated by Golden Ocean.