Golden Ocean Group

Investor Presentation • Sep 12, 2024

Golden Ocean Group Limited

Pareto Energy Conference

September 2024

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, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historicalfacts.

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 financial performance. This presentation includes assumptions, expectations, 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," "estimate," "intend," "plan," "targets," "projects," "likely," will," "would," and similar expressions or phrases may identify forwards. 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'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: 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 and the number of newbuildings under construction; delays or defaults in the construction of the Company's newbuildings could increase the Company's expenses and diminish the Company's net income and cash flows; 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 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 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; offects of new products and new technology in the Company's including the potential for technological innovation to reduce the value of the Company's vessels and charterined therefrom; the impact of an interruption or failure of the

GOLDEN OCEAN®

Company's information technology and communications systems, including the impact of cyber-attacks, upon the Company's ability to operate; potential liability from safety, environmental and other requirements and potential significant additional expenditures (by 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, 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; 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 chronio), political instability, terrorist attacks, piracy, international hostilities, including the developments in the Ukraine region and in the Middle East, including the conflicts in Israel and the Houthi attacks in the Red Sea; general domestic and international 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 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 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 stock price for the Company's common shares, from which investors could incur substantial losses, and 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 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, 2023.

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 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.

Golden Ocean, the leading owner in large-sized dry bulk

Positioned to capture market strength and generate significant cash flow with modern, fuel efficient fleet, large commercial scale and highly competitive cash costs

Full

fleet

93

(1)

14.1

7.7

51%

13,800

Investment highlights

Fleet in numbers

GOGL offer exposure to the largest segments in dry

Market.comments 1H 2024

Long-haul volumes from Atlantic to Pacific favouring Capesize demand

Capesize earnings (CS5TC, \$/day)

• · Long-haul iron ore, coal and bauxite favours Capesize market (98% of cargo mix)
• · Capesize trade up 3.4% y/y for 1H 2024
  • Brazil iron ore: +15 MT / 9%
  • · Guinea bauxite: +9 MT / 13%
  • · Colombia coal: +6 MT/ 45%
• · Continued strong contribution from China and India with 7% and 9% import growth across cargo types
• Vale announced iron ore production to be at the upper end of guidance and is continuing exporting at healthy levels (~1 mill mt/day)
• · Low-season for Guinean bauxite exports in Q3

GDP growth continues to support dry bulk demand

Steel production

China steel production

• Chinese steel production down 1.1% 1H 2024, partly offset by growth in India - global steel production flattish
• Global steel production forecasted to grow 2% 2024 and +2.9% in 2025, driven by India and industrial recovery in Europe

• Although moody outlook and flat production expectation, green initiatives expected to drive demand for high-grade materials
• · Thin steel margins and environmental focus favours high grade iron ore – further supporting tonne mile growth

Chinese steel products export

• China continue to offsetting overcapacity with 27% export growth 1H 2024
• · Representing 9% of total steel production

Guinea - tonne-mile driver for Capesize demand

Bauxite and new high-grade iron ore projects on stream positive for tonne-mile

Simandou iron ore export (mt)

120 First shipment late 2024, set to reach 120mt in 2028

· New record bauxite export volumes each year with ~85% shipped to China

· Guinean iron ore exports to be the tonne-mile driver next couple of years.

• Depending on scenarios, the tonne-mile effect is potentially massive
  • · Guinea China = 11,200 nm
  • · Brazil China = 12,100 nm
  • · Australia China = 3,700 nm
• · New projects out of Gabon and Brazil supports further Capesize demand

Supply side

The dry orderbook remains at healthy levels with Capesize being the most compelling segment

Fleet distribution

• 30% of Capesize > 15 years in 2025
• 55% of fleet regarded non-ECO4
• Stricter regulation to trade vessels

Capesize orderbook remains favourable

• Only 1.3% fleet growth in 2025
• Limited yard capacity before 2028

A resilient business model with strong cash flow potential

Low cash breakeven combined with premium fleet and earnings ensures downside protection and high upside potential

GOLDEN OCEAN

Cash flow and yield at blended TCE rates

Thank you for your attention

www.goldenocean.bm