Golden Ocean Group

Earnings Release • May 21, 2025

GOGL - First Quarter 2025 Results

GOGL - First Quarter 2025 Results

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

the world's largest listed owner of large size dry bulk vessels, today announced

its unaudited results for the quarter ended March 31, 2025.

Highlights

* Net loss of $44.1 million and loss per share of $0.22 (basic) for the first

quarter of 2025, compared to net income of $39.0 million and earnings per

share of $0.20 (basic) for the fourth quarter of 2024.

* Adjusted EBITDA of $12.7 million for the first quarter of 2025, compared to

$69.9 million for the fourth quarter of 2024.

* Adjusted net loss of $37.5 million for the first quarter of 2025, compared

to adjusted net income of $12.7 million for the fourth quarter of 2024.

* A total of $38.4 million in drydocking expense was recorded in the first

quarter of 2025 compared to $34.3 million in the fourth quarter of 2024.

* Reported TCE rates for Newcastlemax/Capesize and Kamsarmax/Panamax vessels

of $16,827 per day and $10,424 per day, respectively, and $14,409 per day

for the entire fleet in the first quarter of 2025.

* Entered into a term sheet for a contemplated stock for-stock merger with

CMB.TECH NV.

* Entered into agreements in March 2025 and April 2025 to sell two Kamsarmax

vessels for a net consideration of $15.8 million and $16.8 million,

respectively.

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

discharge basis, are approximately:

* $19,000 per day for 69% of Newcastlemax/Capesize available days and

$11,100 per day for 81% of Kamsarmax/Panamax available days for the

second quarter of 2025.

* $20,900 per day for 12% of Newcastlemax/Capesize available days and

$12,900 per day for 38% of Kamsarmax/Panamax available days for the

third quarter of 2025.

* Announced a cash dividend of $0.05 per share for the first quarter of 2025,

which is payable on or about June 17, 2025, to shareholders of record on

June 5, 2025. Shareholders holding the Company's shares through Euronext VPS

may receive this cash dividend later, on or about June 19, 2025.

Peder Simonsen, Chief Executive Officer and Chief Financial Officer, commented:

"Our first quarter results reflect a weaker market environment, with softer

charter rates and lower trading activity impacting our performance, in addition

to our current intensive drydocking schedule. These headwinds were not

unexpected given the seasonal slowdown and increased macroeconomic uncertainty,

including the disruption caused by recently announced trade tariffs. Despite

these challenges, the fundamentals underpinning dry bulk shipping remain intact,

in particular for the Capesize segment. Limited fleet growth, shifting trade

patterns, and infrastructure-led demand in key regions continue to support a

constructive medium-term outlook. We continue to work towards the announced

contemplated merger with CMB.TECH NV, while maintaining our focus on fleet

enhancement, cost discipline and operational efficiency."

The Board of Directors

Golden Ocean Group Limited

Hamilton, Bermuda

May 21, 2025

Questions should be directed to:

Peder Simonsen: Chief Executive Officer and Chief Financial Officer, Golden

Ocean Management AS

+47 22 01 73 40

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 ability of Golden Ocean and CMB.TECH NV to

successfully complete the proposed merger on anticipated terms; uncertainties as

to the timing as to the contemplated transaction with CMB.TECH NV; the ability

of CMB.TECH NV and Golden Ocean to receive the required regulatory approvals for

the contemplated merger and the approval of Golden Ocean shareholders required

in connection with the contemplated merger; unforeseen liabilities, future

capital expenditures, revenues, expenses, earnings, synergies, economic

performance, indebtedness, financial condition, losses, future prospects,

business and management strategies, expansion and growth of the combined

company's operations and other conditions to the completion of the merger;

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; 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-hire 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 fuel), drydocking, 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 nature thereof 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 industry, 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 or

failure of the Company's information technology and communications systems,

including the impact of cybersecurity threats and data security breaches, upon

the Company's ability to operate; potential liability from safety,

environmental, governmental and other requirements and potential significant

additional expenditures (by the Company and 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 Euro

or the inability of countries to refinance their debts; inflationary pressures

and the central bank policies intended to combat overall inflation and rising

interest rates and foreign exchange rates; fluctuations in currencies; the

impact that any discontinuance, modification or other reform or the

establishment of alternative reference rates have on the Company's floating

interest rate debt instruments; 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,

climate-related (acute and chronic), political instability, terrorist attacks,

piracy, international sanctions or international hostilities, including the

developments in the Ukraine region and in the Middle East, including the

conflicts in Israel and Gaza, and the Houthi attacks in the Red Sea; 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 restrictions on trade,

including the imposition of new tariffs, port fees and other import restrictions

by the United States on its trading partners and the imposition of retaliatory

tariffs by China and the EU on the United States, and potential further

protectionist measures and/or further retaliatory actions by others, including

the imposition of tariffs or penalties on vessels calling in key export or

import ports such as the United States, EU and/or China; the impact of adverse

weather and natural disasters; the impact of increasing scrutiny and changing

expectations from investors, lenders and other market participants with respect

to the Company's Environmental, Social and Governance policies; changes in

seaborne and other transportation; the length and severity of epidemics and

pandemics and governmental responses thereto and the impact on the demand for

seaborne transportation in the dry bulk sector; impacts of supply chain

disruptions and market volatility surrounding impacts of the Russian-Ukrainian

conflict and the developments in the Middle East; 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 Company potentially

becoming subject to corporate income tax in Bermuda in the future; the

volatility of the stock price for the Company's common shares, from which

investors could incur substantial losses, and the future sale of the Company's

common shares, which could cause the market price of the Company's common shares

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, 2024.

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.