Golden Ocean Group

Quarterly Report • Aug 28, 2024

Golden Ocean Results Q2 2024

August 28th, 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 busing 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, 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," "estimate," "estimate," "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. 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-land 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 charter income derived 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 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 political and geopolitical conditions or events, including any further changes in U.S. trade policy that could trigger retaliatory attions 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 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 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.

o Company and financial update

• Adjusted net income of \$63.4 million and adjusted earnings per share of \$0.32 for the second quarter of 2024, compared with \$58.4 million and \$0.29 per share for the first quarter of 2024
• · Net income of \$62.5 million and earnings per share of \$0.31 for the second quarter of 2024, compared with net income of \$65.4 million and earnings per share of \$0.33 for the first quarter of 2024
• · Reported TCE rates for Capesize and Panamax vessels of \$28,005 per day and \$15,721 per day, respectively, and \$23,535 per day for the entire fleet in the second quarter of 2024
• · Entered into an agreement to sell one 2014 built Panamax vessel for net consideration of \$20.8 million
• · Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately;
  • · \$26,200 per day for 83% of Capesize available days and \$17,200 per day for 94% of Panamax available days for the third quarter of 20241
  • \$25,800 per day for 29% of Capesize available days and \$17,900 per day for 18% of Panamax available days for the fourth quarter of 20244
• · Announces a dividend of \$0.30 per share for the second quarter of 2024

Profit and loss

Second quarter 2024

	Quarterly
(in thousands of \$)	Q2 2024	Q1 2024	Variance
Operating revenues and other operating income/expenses	250,091	246,735	3,356
Voyage expenses	(52,743)	(50,036)	(2,707)	Q2 2024	Q1 2024
Net revenues	197,348	196,699	649
Gain from disposal of vessels		1,133	(1,133)	TCE rate	TCE rate
Ship operating expenses	(66,313)	(62,611)	(3,702)	\$ 23,535	\$ 22,628
Administrative expenses	(5,109)	(7,430)	2,321
Charter hire expenses	(4,846)	(7,308)	2,462
Depreciation	(35,178)	(35,076)	(102)	Earnings per	Earnings per
Net operating expenses	(111,446)	(112,425)	979	share	share
Net operating income	85,902	85,407	495	\$ 0.31	\$ 0.33
Net financial expenses	(25,294)	(27,221)	1,927
Derivatives and other income	1,936	7,251	(5,315)
Net income before taxation	62,544	65,437	(2,893)	Net income	Net income
Income tax expense	(50)	(50)
Net income	62,494	65,387	(2,893)	\$ 62.5 million	\$ 65.4 million
Earnings per share: basic and diluted	\$0.31	\$0.33	(\$0.02)
Adjusted EBITDA	120,280	114,3330	5,951
TCE per dav	23.535	22.628	907

Cash flow Second quarter 2024

Balance sheet

Second quarter 2024

			Quarterly
(in thousands of \$ )	Q2 2024	Q1 2024	Variance
ASSETS
Short term
Cash and cash equivalents (incl. restricted cash)	103,055	147,407	(44,352)
Other current assets	181,428	167,136	14,292	Q2 2024	Q1 2024
Long term
Vessels and equipment, net (incl. held for sale in Q2)	3,000,863	2,993,587	7,276
Newbuildings	31,421	44,613	(13,192)	Loan-to-value1	Loan-to-value1
Leases, right of use assets	69,558	73,870	(4,312)
Other long-term assets	75,535	75,252	283
Total assets	3,461,860	3,501,865	(40,005)	34.1%	38.3 %
LIABILITIES AND EQUITY
Short term
Current portion of long-term debt	115,361	114,243	1,118	Liquidity2	Liquidity2
Current portion of finance lease obligations	20,149	19,844	305
Current portion of operating lease obligations	2,697	2,650	47	\$ 250 million	\$ 270 million
Other current liabilities	105,177	113,925	(8,748)
Long term
Long-term debt	1,220,157	1,249,591	(29,434)
Non-current portion of finance lease obligations	57,668	62,837	(5,169)
Non-current portion of operating lease obligations	8,215	8,907	(692)
Other long-term liabilities	2,039	1,956	83
Equity	1,930,397	1,927,912	2,485
Total liabilities and equity	3,461,860	3,501,865	(40,005)

1. Based on ralaatinas from broke and dease linannings, excluding SFL leases. 2. Includes under condition tredit facilities, and excludes restrived cash

o Market review and outlook

Focus on Capesize segment to capture volatility

Golden Ocean is the only remaining pureplay listed company in the largest segments

A resilient business model

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

Capesize cash breakeven

Capesize earnings and CBE (\$/day)

Market.comments 1H 2024

Market held up strongly driven by long-haul volumes from Atlantic to Pacific favouring Capesize demand

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• · 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 its iron ore production to be at the upper end of guidance and is continuing exporting at healthy levels (over 1 mill mt/day)
• · Increased tension in the Middle East timing of re-opening of the Suez Canal remains uncertain

High inventories is a key short-term risk

However, iron ore prices remains at decent levels despite last weeks' drops

Iron ore prices (Australian Fe 62%)

Chinese iron ore inventories

Source: Clarksons Note: Iron ore prices measured on monthly basis.

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

China steel demand by segment

= Shipbuilding

= Others

• Appliances
• Although moody outlook and flat production expectation, green initiatives expected to drive demand for high-grade materials
• · Fiscal stimulus supports manufacturing and infrastructure with local governments only issued about 38% of the annual bond quota compared to ~ 60% at the same time last year

New high-grade projects on stream positive for tonne-mile

GOLDEN OCEAN

Guinean iron ore exports

• Depending on scenario (new volumes versus replacement of existing volumes), the tonne-mile effect is potentially massive
  • · Guinea-China = 11.200 nm
  • · Brazil China = 12,100 nm
  • · Australia-China = 3,700 nm

Impact on iron ore tonne miles		2026	2027	2028
Additional volumes ( mt )	4	48	48	20
Replacing CN volumes	0.5%	6.1%	5.7%	2.3%
Replacing AU volumes	0.3%	4.1%	3.9%	1.6%
Replacing BR volumes	0%	-0.5%	-0.5%	-0.2%

New projects out of Gabon (Belinga/Baniaka), Western Australia (Onslow) and Brazil (Vargrem /Capanema/S11D) supports Capesize demand

Bauxite export volumes continue to grow

Guinea bauxite export

• Bauxite has remained a positive force as strong demand from China and growing exports from Guinea has boosted both volumes and sailing distances
• · Monsoon season is about to end, and we should expect volumes to increase
• Analysts expects 5-10% annual export growth to China next couple of years

Supply side

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

and favourable to other segments

9.2% 11.4% 12.2% 7.2%

• · 42 (9.3m DWT) Capesize vessels ordered 1H 2024, representing 2% of current fleet
• ・ Limited yard capacity before 2027/28
• · 1.8% Capesize fleet growth in 2024 (1.3% already delivered during 2H 2024)
• · Limited 1.3% fleet growth in 2025
• · ~ 20% of Capesize > 15 years (in 2025, this increases to ~30%)

Strong cash flow potential

Annualized free cash flow and yield at achieved blended TCE rates

■Cash flow □ Cash flow yield

'Thank you for your attention

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