Golden Ocean Group

Earnings Release • Aug 25, 2022

GOGL - Second Quarter 2022 Results

GOGL - Second Quarter 2022 Results

Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the "Company" or "Golden Ocean"),

the world's leading owner of large size dry bulk vessels, today announced its

unaudited results for the three and six month period ended June 30, 2022.

Highlights

* Net income of $163.7 million and earnings per share of $0.82 for the second

quarter of 2022 compared with net income of $125.3 million and earnings per

share of $0.63 for the first quarter of 2022.

* Adjusted EBITDA of $191.6 million for the second quarter of 2022, compared

with $149.4 million for the first quarter of 2022.

* Reported TCE rates for Capesize and Panamax/Ultramax vessels of $30,661 per

day and $27,581 per day, respectively, in the second quarter of 2022.

Reported TCE rate for the total fleet of $29,431 per day.

* Completed the $275 million refinancing of 14 Capesize vessels at attractive

terms, further reducing the industry low cash break-even rate.

* Entered into agreements to sell two Ultramax vessels and construct three

Kamsarmax vessels at attractive prices.

* Estimated TCE rates, inclusive of charter coverage, calculated on a load-to-

discharge basis are approximately:

* $27,900 per day for 80% of Capesize available days and $27,100 per day

for 96% of Panamax available days for the third quarter of 2022; and

* $29,500 per day for 25% of Capesize available days and $21,900 per day

for 27% of Panamax available days for the fourth quarter of 2022.

* Published the Company's fourth annual ESG report for 2021, which can be

found on the Company's website.

* Announced a cash dividend of $0.60 per share for the second quarter of

2022, payable on or about September 14, 2022 to shareholders of record on

September 7, 2022. Shareholders holding the Company's shares through

Euronext VPS may receive this cash dividend later, on or about September

16, 2022.

Ulrik Andersen, Chief Executive Officer, commented:

"Golden Ocean delivered another strong result in the second quarter of 2022

despite trade disruptions and economic headwinds. Our performance is

attributable to the strength of our commercial operations as well as the quality

of our fleet, which allowed us to generate a solid premium to benchmark rates.

Despite recent weakness in freight rates caused by easing port congestion and

the contraction in China's economy due, in part, to its "zero COVID" policy, our

market outlook remains optimistic. Slowing fleet growth and new environmental

regulations provide a strong offset to a potential short-term slowing of demand

growth which combined with our charter coverage and superior fuel economics from

our modern fleet will support continued healthy returns."

The Board of Directors

Golden Ocean Group Limited

Hamilton, Bermuda

August 25, 2022

Questions should be directed to:

Ulrik Andersen: Chief Executive Officer, Golden Ocean Management AS

+47 22 01 73 53

Peder Simonsen: Chief Financial Officer, Golden Ocean Management AS

+47 22 01 73 45

The full report is available in the link below.

Forward Looking Statements

Matters discussed in this earnings report 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 business.

Forward-looking 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 future events and financial performance. This earnings

report includes assumptions, expectations, projections, intentions and beliefs

about future events. These statements are intended as "forward-looking

statements." The Company cautions that assumptions, expectations, 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," "expect," "anticipate," "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 report 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, beliefs or projections. 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,

important factors that, in the Company's view, could cause actual results to

differ materially from those discussed in the forward-looking statements,

include among other things: the Company's future operating or financial results;

the Company's continued borrowing availability under its 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 Company's ability to successfully

employ its existing and newbuilding dry bulk vessels and replace its operating

leases on favorable terms, or at all; changes in the Company's operating

expenses and voyage costs, including bunker prices, fuel prices (including

increases costs for low sulfur fuel), dry docking, crewing and insurance costs;

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 nature thereof and the timing of completion thereof, the delivery

and commencement of operations dates, expected downtime and lost revenue);

planned, pending or recent acquisitions, business strategy and expected capital

spending or operating expenses, including drydocking, surveys, upgrades and

insurance costs; risks associated with vessel construction; the Company's

expectations regarding the availability of vessel acquisitions and its ability

to complete acquisition transactions planned; vessel breakdowns and instances of

off-hire; potential differences in interest by or among certain members of the

Company's board of directors, or the Board, executive officers, senior

management and shareholders; potential liability from pending or future

litigation; potential exposure or loss from investment in derivative

instruments; general dry bulk shipping market trends, including fluctuations in

charter hire rates and vessel values; 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; the strength of world economies;

stability of Europe and the Euro; the overall impact of inflation and the rise

in interest rates and foreign exchange rates; changes in seaborne and other

transportation; changes in governmental rules and regulations or actions taken

by regulatory authorities; general domestic and international political

conditions; potential disruption of shipping routes due to accidents, climate-

related (acute and chronic), political instability, terrorist attacks, piracy or

international hostilities, including the ongoing aggression between Russia and

Ukraine; the length and severity of epidemics and pandemics, including COVID-19

and its impact on the demand for seaborne transportation in the dry bulk sector;

the impact of increasing scrutiny and changing expectations from investors,

lenders, charterers and other market participants with respect to our

Environmental, Social and Governance practices; new environmental regulations

and restrictions, whether at a global level stipulated by the International

Maritime Organization, and/or regional/national imposed by regional authorities

such as the European Union or individual countries; 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, 2021.

The Company cautions readers of this report not to place undue reliance 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

to reflect events or circumstances after the date of this report or to reflect

the occurrence of unanticipated events. These forward-looking statements are not

guarantees of the Company's future performance, and actual results and future

developments may vary materially from those projected in the forward-looking

statements.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.