Golden Ocean Group

Golden Ocean Results Q1 2023

May 16th, 2023

Forward-looking statements

Matters discussed in this presentation 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, 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 presentation includes assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as "forward-looking statements." The Company cautions that assumptions, expectations, 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," "intend," "plan," "targets," "projects," "likely," "will," "would," "could" and similar expressions or phrases may identify forward-looking statements. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management' sexamination 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, dry docking, crewing and insurance costs; the Company's ability to fundfuture capital expenditures and investments in the construction,

acquisition and refurbishment of the Company's vessels; planned, pending or recent acquisitions, business strategy and expected capital spending 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; delays or defaults in the construction of our newbuildings that could increase and diminish our net income and cash flows; vessel breakdowns and instances of off-hire; potential differences in interest by or among certain members of the Company's board of directors, 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; central bank policies intended to combat overall inflation and the rising 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, damage to storage or receiving facilities, political instability, terrorist attacks, piracy, 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; impacts of supply chain disruptions that began during the COVID-19 pandemic and the resulting inflationary environment; 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 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, 2022.

The Company cautions readers of this presentation 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 presentation 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.

o Company and financial update

Adjusted EBITDA in the first quarter of 2023 was \$54.7 million compared with \$112.4 million in the fourth quarter of 2022
Reports net loss of \$8.8 million and loss per share of \$0.04 for the first quarter of 2023 compared with net income of \$68.2 million and earnings per share of \$0.34 for the fourth quarter of 2022
Reported TCE rates for Capesize and Panamax vessels of \$13,620 per day and \$16,630 per day, respectively.in the first quarter of 2023
· Estimated TCE rates, inclusive of charter coverage, are:
- \$20,010 per day for 74% of Capesize days and \$14,600 per day for 76% of Panamax days for the second quarter of 2023(1)
- \$22,300 per day for 26% of Capesize days and \$19,600 per day for 38% of Panamax days for the third quarter of 2023(1)
Took delivery of the first of 10 Kamsarmax newbuildings under construction
Entered into an agreement to acquire six modern Newcastlemax vessels
Entered into an agreement to sell two older Capesize vessels, Golden Feng and Golden Shui, to an unrelated third party for an aggregate sale price of \$44.0 million
· Announces a dividend of \$0.10 per share for the first quarter of 2023

Profit and loss

First quarter 2023

			Quarterly
(in thousands of \$)	Q1 2023	Q4 2022	Variance
Operating revenues and other operating income/expenses	196,517	249,558	(53,041)
Voyage expenses	(64,231)	(69,189)	4,958
Net revenues	132,286	180,369	(48,083)
Gain from disposal of vessels	2,583	2,812	(229)	Q1 2023	Q4 2022
Ship operating expenses	(61,630)	(58,100)	(3,530)
Administrative expenses	(4,162)	(4,965)	803	TCF rate	TCF rate
Charter hire expenses	(16,782)	(12,544)	(4,238)
Impairment loss on vessels	(11,780)		(11,780)	\$14,929	\$20,421
Depreciation	(31,497)	(32,394)	897
Net operating expenses	(125,851)	(108,003)	(17,848)
Net operating income	9,018	75,178	(66,160)	Earnings per	Earnings per
Net financial expenses	(20,497)	(17,637)	(2,860)	share	share
Derivatives and other income	2,687	10,946	(8,259)
Net income (loss) before taxation	(8,792)	68,487	(77,279)	\$(0.04)	\$0.34
Income tax expense	(30)	(279)	249
Net income (loss)	(8,822)	68,208	(77,030)
Earnings (loss) per share: basic and diluted	(\$0.04)	\$0.34	(\$0.38)
Adjusted EBITDA	54,715	112,447	(57,732)
TCE per day	14,929	20,421	(5,492)

Full fleet TCE. Time charter equivalent rate, is a non-GAAP measure. For definition, please refer to Q1 2023 Press Release

320

360

15.3

99.6

(15.7)

First quarter 2023

			Quarterly
(in thousands of \$)	Q1 2023	Q4 2022	Variance
ASSETS
Short term
Cash and cash equivalents (incl. restricted cash)	123,240	138,073	(14,833)
Other current assets	156,498	161,074	(4,576)	Q1 2023	Q4 2022

Long term
Vessels and equipment, net (incl. held for sale)	2,736,918	2,678,327	58,591
Newbuildings	111,096	91,898	19,198	Loan-to-value1	Loan-to-value1
Leases, right of use assets	94,228	99,235	(5,007)
Other long-term assets	92,561	88,684	3,877
Total assets	3,314,541	3,257,291	57,250	44.5 %	44.5 %

LIABILITIES AND EQUITY
Short term				Liquidity2	Liquidity2
Current portion of long-term debt	97,402	92,865	4,537
Current portion of finance lease obligations	18,720	18,387	333
Current portion of operating lease obligations	5,646	5,546	100	\$218 million	\$235 million
Other current liabilities	123,067	94,830	28,237
Long term
Long-term debt	1,104,316	1,027,991	76,325
Non-current portion of finance lease obligations	82,681	87,588	(4,907)
Non-current portion of operating lease obligations	11,576	13,051	(1,475)
Other long-term liabilities	3,389		3,389

Equity	1,867,744	1,917,033	(49,289)
Total liabilities and equity	3,314,541	3,257,291	57,250

Based on valuations from broker and dease financings, excluding SFL leases. 2. Includes undrawn available revolving credit facilities

o Market review and outlook

Recent market developments

Dry bulk trade has gradually increased following seasonal lows as China eased its "Zero-COVID" policy. Energy security concerns continued to drive coal volumes

Capesize and Panamax rates

Q2 2022 Q3 2022 Q4 2022 01 2023 New trade routes emerge as a result of Continued easing of port congestion Steel production down globally due to Weaker seasonal demand, particularly led to decreased fleet utilization broader slowdown, high energy prices the war in Ukraine for construction-related materials in and accelerating inflation the north hemisphere, reduced Sailing speeds trend down as a result Decreased global trade in certain commodity flows early in the year Impact of economic slowdown blunted 35,000 of higher fuel prices commodities, including agribulks and Rates gradually increased following construction-related materials by positive impact of coal trade China "COVID zero" policy and the easing of China's "Zero-COVID" China eliminated its "Zero-COVID" weakness of real estate sector impacts Coal volumes traveling longer 30,000 policy iron ore demand distance as a result of EU ban on policy in November; rebound in Russian imports and global focus on demand expected to be felt in 2023 Coal demand soared YoY due to Port congestion easing energy security ongoing war in Ukraine and concerns 25,000 Continued trend of reduced sailing around energy security speeds, which may be amplified by new regulations 20,000 15,000 10,000 5,000 Mar-22 Apr-22 May-22 Jun-22 Aug-22 Sep-22 Oct-22 Dec-22 Jan-23 Feb-23 Mar-23 -- Weekly Capesize Rates -- Weekly Panamax Rates

GDP growth continue to support dry bulk demand

Macroeconomic conditions are expected to improve as we move through the year, and GDP growth is forecasted to remain supportive of demand for dry bulk commodities

Highly positive supply dynamics - orderbook 30-year low

The orderbook is highly visible, and fleet growth is set to decline significantly over the next two years. Capesize orderbook is beneath replacement levels

GOLDEN OCEAN

Orderbook as % of global fleet