Golden Ocean Group

Earnings Release • Aug 26, 2021

GOGL - Second Quarter 2021 Results

GOGL - Second 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 June 30, 2021.

Highlights

* Net income of $104.5 million and earnings per share of $0.52 for the second

quarter of 2021 compared with net income of $23.6 million and earnings per

share of $0.14 for the first quarter of 2021

* Adjusted EBITDA of $130.5 million for the second quarter of 2021, compared

with $54.6 million for the first quarter of 2021

* Reported TCE rates for Capesize and Panamax/Ultramax vessels of $29,372 per

day and $18,987 per day, respectively, in the second quarter of 2021.

Reported TCE rate for the whole fleet of $24,920 per day

* Completed the previously announced acquisitions of 15 modern dry bulk

vessels and three newbuildings, all of which have been delivered as of the

date of this report

* Signed agreements to refinance existing credit facility with Sterna Finance,

securing up to $435 million of new long-term financing. The highly

attractive terms of the refinancing will lower the average cash break even

rate for the acquired vessels with an estimated $415 per day

* Converted time charters from floating rates to average fixed rates of

$33,250 gross until the second quarter of 2022 for three Capesize vessels

(180k dwt)

* In August 2021 terminated relationship with Capesize Chartering Ltd, taking

full control of the Company's commercial activities on the Capesize vessels

* Estimated TCE rates for the third quarter of 2021, based on contracted time

charters and current spot fixtures on a load-to-discharge basis, are:

* approximately $33,500 per day contracted for 71% of the available days

for Capesize vessels;

* approximately $22,900 per day contracted for 92% of the available days

for Panamax vessels

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

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

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

rates

* Announces the appointment of Mr Ben Mills as Director of the Company to fill

a vacancy. Mr Mills has extensive experience from the dry bulk market

through tenures in Trafigura and the Baltic Exchange, particularly focusing

on the Capesize segment. Mr Mills is currently Head of Dry Cargo in

Seatankers Management Ltd, an affiliate of Hemen Holding Ltd, the Companys

largest shareholder.

* Announces a cash dividend of $0.50 per share for the second quarter of 2021

Ulrik Andersen, Chief Executive Officer, commented:

"Golden Ocean's result for the second quarter of 2021 reflects the dry bulk

market's strong underlying fundamentals, but also our strategy of maintaining a

significant portion of our fleet exposed to the spot market. As pleased as we

are with the net profit for the second quarter of 2021, we are more excited

about what lies ahead. Our longer-term market outlook is positive based on the

pace of the growth in the demand, coupled with slowing fleet growth through at

least 2023. While in the short term, port and supply chain inefficiencies will

continue to result in rate volatility and periods of exceptionally strong rates.

As evidenced this quarter with a $0.50 per share dividend, Golden Ocean intends

to pay out a significant portion of the earnings. With no material capital

expenses, no debt maturities or vessels on order, Golden Ocean, as the largest

listed owner in the world, is well-positioned to continue to generate

significant cash flows to the benefit of the shareholders."

The Board of Directors

Hamilton, Bermuda

August 26, 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 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; 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.