Golden Ocean Results Q2 2023

August 29th, 2023

Forward-looking statements

Matters discussed in this presentation may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995, or the PSLRA, provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their busing statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company is taking advantage of the safe harbor provisions of the PSLRA and is including this cautionary statement in connection therewith. This document and any other written or oral statements made by the Company or on its behalf may include forward-looking statements, which reflect the Company's current views with respect to financial performance. This presentation includes assumptions, expections, intentions and beliefs about future events. These statements are intended as "forward-looking statements." The Company cautions that assumptions, expertations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material. When used in this document, the words "believe," "estimate," "estimate," "intend," "plan," "targets," "projects," "likely," "will," "would," "could" and similar expressions or phrases may identify forward-looking statements. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations. As a result, you are cautioned not to rely on any forward-looking statements.

In addition to these important factors and matters discussed elsewhere herein, in the Company's view, could cause actual results to differ materially from those discussed in the forward looking statements, include among other things: general market trends in the dry bulk industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values; a decrease in the market value of the Company's vessels; changes in supply and demand in the dry bulk shipping industry, including the market for the Company's vessels and the number of newbuildings under construction; delays or defaults in the construction of the Company's newbuildings could increase the Company's expenses and diminish the Company's net income and cash flows; an oversupply of dry bulk vessels, which may depress charter rates and profitability; the Company's future operating or financial results; the Company's continued borrowing availability under the Company's debt agreements and compliance with the covenants contained therein; the Company's ability to procure or have access to financing the Company's liquidity and the adequacy of cash flows for the Company's operations; the failure of the Company's contract counterparties to meet their obligations, including changes in credit risk with respect to the Company's counterparties on contracts; the loss of a large customer or significant business relationship; the strength of world economies; the volatility of prevailing spot market and charter rates, which may negatively affect the Company's earnings; the Company's ability to successfully employ the Company's dry bulk vessels and replace the Company's operating leases on favorable terms, or at all; changes in the Company's operating expenses and voyage costs, including bunker prices, fuel prices (including increased costs for low sulfur crewing and insurance costs; the adequacy of the Company's insurance to cover the Company's losses, including in the case of a vessel collision; vessel breakdowns and instances of offhire; the Company's ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of the Company's vessels (including the amount and the

timing of completion of vessels under construction, the delivery and commencement of operation dates, expected downtime and lost revenue); risks associated with any future vessel construction or the purchase of second-hand vessels; effects of new products and new technology in the Company's including the potential for technological innovation to reduce the value of the Company's vessels and charter income derived therefrom; the impact of an interruption of the Company's information technology and communications systems, including the impact of cyber-attacks, upon the Company's ability to operate; potential liability from safety, environmental and other requirements and potential significant additional expenditures (by the Company's customers) related to complying with such regulations; changes in governmental rules and regulations or actions taken by regulatory authorities and the impact of government inquiries and investigations; the arrest of the Company's vessels by maritime claimants; government requisition of the Company's vessels during a period of war or emergency; the Company's compliance with complex laws, regulations, including environmental laws and regulations and the U.S. Foreign Corrupt Practices Act of 1977; potential difference in interests between or among certain members of the Board of Directors, executive officers, senior management and shareholders; the Company's ability to attract, retain and motivate key employees; work stoppages or other labor disruptions by the Company's employees or the employees of other companies in related industries; potential exposure or loss from investment in derivative instruments; stability of Europe and the inability of countries to refinance their debts; the central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates; fluctuations in currencies; acts of piracy on ocean-going vessels, public health threats, terrorist attacks and international hostilities and political instability; potential physical disruption of shipping routes due to accidents, climaterelated (acute and chronic), political instability, terrorist attacks, piracy, international hostilities, including the ongoing developments in the Ukraine region; general domestic and international political and geopolitical conditions or events, including any further changes in U.S. trade policy that could trigger retaliatory actions by affected countries; the impact of adverse weather and natural disasters; the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with Company's Environmental, Social and Governance policies; changes in seaborne and other transportation; the length and severity of epidemics; fluctuations in the contributions of the Company's joint ventures to the Company's profits and losses; the potential for shareholders to not be able to bring a suit against us or enforce a judgement obtained against us in the United States; the Company's treatment as a "passive foreign investment company" by U.S. tax authorities; being required to pay taxes on U.S. source income; the Company's operations being subject to economic substance requirements; the volatility of the stock price for the Company's commonshares, from which investors could ineur substantial losses, and the future sale of the Company's common shares, which could cause the market price of the Company's commonshares to decline; and other important factors described from time to time in the reports filed by the Company with the U.S. Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 20-F for the year ended December 31, 2022.

The Company cautions readers of this presentation not to place unders on these forward-looking statements, which speak only as of their dates. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events. These forward-looking statements are not guarantees of the Company's future performance, and future developments may vary materially from those projected in the forward-looking statements.

o Company and financial update

Adjusted EBITDA in the second quarter of 2023 was \$80.4 million compared to \$54.7 million in the first quarter of 2023
Reports net profit of \$34.9 million and earnings per share of \$0.17 for the second quarter of 2023 compared with net loss of \$8.8 million and loss per share of \$0.04 for the first quarter of 2023
Reported TCE rates for Capesize and Panamax vessels of \$19,100 per day and \$15,600 per day, respectively, in the second quarter of 2023
· Estimated TCE rates, inclusive of charter coverage, are:
- \$18,300 per day for 79% of Capesize days and \$13,510 per day for 98% of Panamax days for the third quarter of 2023(1)
- \$21,500 per day for 34% of Capesize days and \$16,500 per day for 26% of Panamax days for the fourth quarter of 2023(1)
Took delivery of the first six of 10 Kamsarmax newbuildings under construction and six modern Newcastlemax vessels
Entered into two credit facilities in an aggregate amount of \$120 million part financing the six newbuildings, at highly competitive terms
· Announces a dividend of \$0.10 per share for the second quarter of 2023

1) The company expects sport IC hind and fourth quarters of 2023 to be lower than the rates currently contracted due to the impact of ballast day of the end of each quarter

Profit and loss

Second quarter 2023

	Quarterly
(in thousands of \$)	Q2 2023	Q1 2023	Variance
Operating revenues and other operating income/expenses	213,383	196,517	16,866
Voyage expenses	(59,395)	(64,231)	4,836
Net revenues	153,988	132,286	21,702
Gain from disposal of vessels		2,583	(2,583)	Q2 2023	Q1 2023
Ship operating expenses	(62,431)	(61,630)	(801)
Administrative expenses	(5,167)	(4,162)	(1,005)	TCE rate1	TCE rate
Charter hire expenses	(10,210)	(16,782)	6,572
Impairment loss on vessels		(11,780)	11,780	\$ 17,664	\$ 14,929
Depreciation	(32,590)	(31,497)	(1,093)
Net operating expenses	(110,398)	(125,851)	15,453
Net operating income	43,590	9,018	34,572	Earnings per share	Earnings per share
Net financial expenses	(23,014)	(20,497)	(2,517)
Derivatives and other income	14,344	2,687	11,657	\$ 0.17	(\$ 0.04)
Net income (loss) before taxation	34,920	(8,792)	43,712
Income tax expense	(30)	(30)
Net income (loss)	34,890	(8,822)	43,712
Earnings (loss) per share: basic and diluted	\$0.17	(\$0.04)	\$0.21
Adjusted EBITDA	80,404	54,715	25,689		1. Full fleet TCE. Time charter equivalent rate, is a non-GAAP
TCE per day	17,664	14,929	2,735	measure. For definition, please refer to Q2 2023 Press Release

Cash flow Second quarter 2023

Balance sheet

Second quarter 2023

	Quarterly
(in thousands of \$)	02 2023	01 2023	Variance
ASSETS
Short term
Cash and cash equivalents (incl. restricted cash)	107,323	123,240	(15,917)
Other current assets	165,454	156,498	8,956	Q2 2023	Q1 2023
Long term
Vessels and equipment, net (incl. held for sale)	2,952,894	2,736,918	215,976
Newbuildings	62,397	111,096	(48,699)	Loan-to-value1	Loan-to-value1
Leases, right of use assets	89,165	94,228	(5,063)
Other long-term assets	87,048	92,561	(5,513)
Total assets	3,464,281	3,314,541	149,740	45.1%	44.5 %
LIABILITIES AND EQUITY
Short term
Current portion of long-term debt	106,372	97,402	8,970	Liquidity2	Liquidity2
Current portion of finance lease obligations	19,007	18,720	287
Current portion of operating lease obligations	4,900	5,646	(746)	\$ 179 million	\$ 218 million
Other current liabilities	113,054	123,067	(10,013)
Long term
Long-term debt	1,252,669	1,104,316	148,353
Non-current portion of finance lease obligations	77,816	82,681	(4,865)
Non-current portion of operating lease obligations	10,907	11,576	(669)
Other long-term liabilities	3,825	3,389	436
Equity	1,875,731	1,867,744	7,987
Total liabilities and equity	3,464,281	3,314,541	149,740

Based on valuations from broker and dease financings, excluding SFL leases. 2. Includes undrawn available revolving credit facilities

o Market review and outlook

GDP growth continues to support dry bulk demand

The dry bulk and economic cycle is still at a low point but starting to turn upwards

600% 20 18 500% 16 400% BDI year-on-year change 14 # of countries 300% 12 10 200% 8 100% 6 0% 4 -100% ט -200% 0 19 ° 30 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° 00 ° -- G-20 Diffusion Index -- BDI YoY Change

G-20 Diffusion index vs Baltic dry index y/y

GDP growth

Market development

Macro news vs. underlying physical activity

China Bulk Commodity Imports

Capesize

· China has YTD 2023 imported more iron ore, bauxite and coal than in 2022
· Record low iron ore and steel inventories
Iron Ore prices at ~\$115 pmt
Monsoon season is over in India which should increase coal flow
West Africa rain season is over and Bauxite volumes are continuing to move at a fierce pace
Tonne/Mile increase

Panamax

· Panama canal congestion
· Delayed soybean season from ECSA
· Good corn crop in the US and Brazil bodes well for Q3
Tonne/mile increase

China iron ore and steel mills inventories

Falling inventories and strong imports

Iron ore port inventories

Steel mill inventories

Brazil iron ore and Bauxite

The tonne/mile increase continues

Tonne/miles from iron ore on Capesize vessels in 2022 was down about 3%, however the overall Capesize tonne/mile increased by 2.5%
Guinea holds the largest Bauxite reserves in the world with reserves exceeding 7bn mt
The Capesize seasonal downturn in Q1 due to Brazil iron ore terminal maintenance and wet season, is being increasingly neutralized by Bauxite exports from Guinea
· 1st half 2023 Guinean bauxite exports are up 30% y-o-y
1st half 2023 Brazilian iron ore exports are up 6.5% y-o-y