GOGL -- Fourth Quarter 2024 Results

Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the "Company" or "Golden Ocean"), the world's largest listed owner of large size dry bulk vessels, today announced its unaudited results for the quarter ended December 31, 2024.

Highlights

   -- Net income of $39.0 million and earnings per share of $0.20 (basic) for 
      the fourth quarter of 2024, compared to net income of $56.3 million and 
      earnings per share of $0.28 (basic) for the third quarter of 2024. 
 
   -- Net income of $223.2 million and earnings per share of $1.12 (basic) for 
      full year 2024, compared to net income of $112.3 million and earnings per 
      share of $0.56 (basic) for full year 2023. 
 
   -- Adjusted EBITDA of $69.9 million for the fourth quarter of 2024, compared 
      to $124.4 million for the third quarter of 2024. 
 
   -- Adjusted net income of $12.7 million for the fourth quarter of 2024, 
      compared to $66.7 million for the third quarter of 2024. 
 
   -- A total of $34.3 million in drydocking expense was recorded in the fourth 
      quarter of 2024 in connection with 13 drydockings compared to $9.7 
      million for five drydockings in the third quarter of 2024. 
 
   -- Reported TCE rates for Capesize and Panamax vessels of $24,656 per day 
      and $14,771 per day, respectively, and $20,809 per day for the entire 
      fleet in the fourth quarter of 2024. 
 
   -- Repurchased 625,000 shares at an aggregate purchase price of $5.7 million, 
      or $9.08 per share. 
 
   -- Exercised a purchase option for eight vessels chartered in on long-term 
      leases from SFL Corporation Limited ("SFL") for a total aggregate 
      purchase price of $112 million. The acquisition will be partially 
      financed by a new $90 million credit facility at attractive terms. 
 
   -- Finalized the sale of one Newcastlemax vessel and one Panamax vessel for 
      a total net consideration of $56.8 million. 
 
   -- Estimated TCE rates, inclusive of charter coverage calculated on a 
      load-to-discharge basis, are approximately: 
 
          -- $15,100 per day for 77% of Capesize available days and $9,900 per 
             day for 81% of Panamax available days for the first quarter of 
             2025. 
 
          -- $20,900 per day for 16% of Capesize available days and $14,200 per 
             day for 10% of Panamax available days for the second quarter of 
             2025. 
 
   -- Announced a cash dividend of $0.15 per share for the fourth quarter of 
      2024, which is payable on or about March 21, 2025, to shareholders of 
      record on March 11, 2025. Shareholders holding the Company's shares 
      through Euronext VPS may receive this cash dividend later, on or about 
      March 24, 2025. 

Peder Simonsen, Interim Chief Executive Officer and Chief Financial Officer, commented:

"Golden Ocean delivered another quarter of solid performance despite ongoing market fluctuations. The resilience of our business is a testament to our strong commercial capabilities, disciplined cost structure, and focused approach in the Capesize and Newcastlemax vessel segments, which holds the most favorable market dynamics. We are utilizing the current market weakness to upgrade the fleet significantly and with a modern and fuel-efficient fleet, we remain well-positioned to generate strong cash flow across market cycles. Looking ahead, we are encouraged by the continued strength in global dry bulk demand, the supportive supply-side dynamics, and the structural tailwinds in key commodities, all of which reinforce our long-term confidence in the market and our ability to create value for shareholders."

The Board of Directors

Golden Ocean Group Limited

Hamilton, Bermuda

February 26, 2025

Questions should be directed to:

Peder Simonsen: Interim Chief Executive Officer and Chief Financial Officer, Golden Ocean Management AS

+47 22 01 73 40

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: 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; 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-hire 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 nature thereof 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; effects of new products and new technology in the Company's industry, 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 Company's information technology and communications systems, including the impact of cybersecurity threats and data security breaches, upon the Company's ability to operate; potential liability from safety, environmental, governmental and other requirements and potential significant additional expenditures (by the Company and 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, executive officers, 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

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