Golden Ocean Group

Earnings Release • May 20, 2021

GOGL - First Quarter 2021 Results

GOGL - First Quarter 2021 Results

GOGL - First Quarter 2021 Results

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

Ocean"), a leading dry bulk shipping company, today announced its results for

the quarter ended March 31, 2021.

Highlights

* Net income of $23.6 million and earnings per share of $0.14 for the first

quarter of 2021, the best first quarter result in the history of the

Company, compared with net income of $25.4 million and earnings per share of

$0.18 for the fourth quarter of 2020.

* Adjusted EBITDA of $54.6 million for the first quarter of 2021, compared

with $59.3 million for the fourth quarter of 2020.

* Reported TCE rates for Capesize and Panamax/Ultramax vessels of $16,611 per

day and $14,777 per day, respectively, in the first quarter of 2021.

Reported TCE rate for the whole fleet of $15,886 per day.

* Entered into a Heads of Agreement with affiliates of Hemen Holding Ltd

("Hemen"), a related party, to acquire 15 modern dry bulk vessels and three

newbuildings for a total consideration of $752 million.

* Successfully completed a $338.0 million private placement at NOK 53.00 per

share (approximately $6.24 per share based on the prevailing exchange rate

at the time), to part finance the above-referenced vessel acquisition.

* Completed subsequent offering following the private placement and issued

2,710,377 new shares at NOK 53.00 per share, raising gross proceeds of NOK

143.6 million (or approximately $16.9 million).

* Capitalised on the spot market strength and converted from a floating to a

fixed rate until second quarter of 2022 in the time charters relating to

three Capesize vessels: Golden Fulham at $28,500, Golden Incus at $32,250

and Golden Bexley at $31,000.

* Took delivery of three Capesize vessels and five Panamax vessels as of the

date of this report.

* Estimated TCE rates for the second quarter of 2021, inclusive of charter

coverage and calculated on a load-to-discharge basis, are:

* approximately $29,000 per day contracted for 64% of the available days

for Capesize vessels;

* approximately $18,800 per day contracted for 84% of the available days

for Panamax vessels.

We expect the spot TCEs for the full second quarter of 2021 to be lower

than the TCEs currently contracted, due to the impact of ballast days at

the end of the second quarter of 2021 as well as fluctuations in freight

rates.

* Published our third annual ESG report for 2020, which can be found on the

Company's website.

* Announces a cash dividend of $0.25 per share for the first quarter of 2021.

Ulrik Andersen, Chief Executive Officer, commented:

"As pleased as we are to have generated the best first quarter result in the

history of the Company, we are more excited for what lies ahead. The combination

of counter-seasonal strength and the volatility in rates is indicative of a

tightening market balance, and we have grown increasingly optimistic about the

potential for a prolonged period of higher rates. Golden Ocean is well-

positioned for this market, particularly following our recent acquisition of 18

vessels, including three newbuildings. Our focus on larger vessel classes that

have the greatest leverage to improving markets and our ability to maintain

extremely competitive cash breakeven levels will result in significant cash flow

generation. Golden Ocean has historically returned value created to its

shareholders, and the resumption of our dividend payment is a strong reflection

of our expectation that the market will remain strong for the foreseeable

future."

The Board of Directors

Hamilton, Bermuda

May 20, 2021

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; changes in the Company's

operating expenses, including bunker prices, dry docking 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 conflicts of interest involving members of the Company's

board of directors, or the Board, and senior management; 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; fluctuations 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 or political events; 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, 2020.

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 annual 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.