Golden Ocean Group

Earnings Release • Feb 18, 2021

GOGL - Fourth Quarter 2020 Results

GOGL - Fourth Quarter 2020 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 December 31, 2020.

Highlights

?       Net income of $25.4 million and earnings per share of $0.18 for the

fourth quarter of 2020 compared with net income of $39.1 million and earnings

per share of $0.27 for the third quarter of 2020.

?       Adjusted EBITDA of $59.3 million for the fourth quarter of 2020,

compared with $76.7 million for the third quarter of 2020.

?       Signed the Neptune Declaration on Seafarer Wellbeing and Crew Change.

?       In December 2020, entered into an agreement to sell the Golden Shea, a

Panamax vessel, for $9.6 million to an unrelated third party.

?       In January 2021, entered into an agreement to sell the Golden Saguenay,

a Panamax vessel, for $8.4 million to an unrelated third party.

?       In February 2021, entered into a Heads of Agreement to acquire 18 modern

dry bulk vessels for a total consideration of $752 million.

?       Reported TCE rates for Capesize and Panamax/Ultramax vessels of $18,214

per day and $12,586 per day, respectively, in the fourth quarter of 2020.

?       Estimated TCE rates for the first quarter of 2021, inclusive of charter

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

·approximately $18,200 per day contracted for 66% of the available days for

Capesize vessels;

·approximately $13,800 per day contracted for 86% of the available days for

Panamax vessels

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

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

first quarter of 2021 as well as current weaker rates.

Ulrik Andersen, Chief Executive Officer, commented:

"The Company continued to deliver a strong performance in the fourth quarter of

2020, despite volatility in freight rates. Thus far the first quarter in 2021

has been the strongest in recent years, which suggests a tight supply and demand

balance in the market and bodes well for the balance of the year.  We expect

positive impacts from seasonality as well as a broader rebound in freight demand

as the pandemic softens its grip on the global economy.

Our recently-announced acquisition of 18 large, modern dry bulk vessels

significantly increases our exposure to positive market dynamics while also

reducing cash break even levels across our fleet.  With a best-in-class fleet

focused exclusively on large vessel classes, limited capital expenditure

commitments and no debt maturities until 2023, Golden Ocean is very well

positioned to generate significant cash flow and create value for our

shareholders."

The Board of Directors

Hamilton, Bermuda

February 18, 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 provides safe

harbor protections for forward-looking statements, which 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 desires to take advantage of the safe harbor

provisions of the Private Securities Litigation Reform Act of 1995 and is

including this cautionary statement in connection with this safe harbor

legislation. Words such as "believe," "expect," "anticipate," "estimate,"

"intend," "plan," "targets," "projects," "likely," "will," "would," "could,"

"seeks," "potential," "continue," "contemplate," "possible," "might,"

"forecasts," "may," "should" 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. The information set forth herein speaks only as of the date hereof,

and the Company disclaims any intention or obligation to update any forward-

looking statements as a result of developments occurring after the date of this

communication.

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 strength of world economies, fluctuations in

currencies and interest rates, general market conditions, including fluctuations

in charter hire rates and vessel values, changes in demand in the dry bulk

market, the length and severity of the COVID-19 outbreak, the impact of public

health threats and outbreaks of other highly communicable diseases, changes in

the Company's operating expenses, including bunker prices, drydocking and

insurance costs, the market for the Company's vessels, availability of financing

and refinancing, the impact of the expected discontinuance of LIBOR after 2021

on interest rates of the Company's debt that reference LIBOR, changes in

governmental rules and regulations or actions taken by regulatory authorities,

potential liability from pending or future litigation, general domestic and

international political conditions, potential disruption of shipping routes due

to accidents, political events or acts by terrorists, 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, 2019.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.