Golden Ocean : Q2 2017 Presentation

Results Q2 - 2017

August 17, 2017

Forward-Looking Statements

• Matters discussed in this presentation 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. Words such as "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this presentation are based upon various assumptions. Although we believe 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 our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. The information set forth herein speaks only as of the date hereof, and we disclaim 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 our view, could cause actual results to differ materially from those discussed in the forward-looking statements include 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, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, 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 Securities and Exchange Commission.

• Certain shipping, steel, Chinese and global industry information, statistics and charts contained herein have been derived from several sources. You are hereby advised that such industry data, charts and statistics have not been prepared specifically for inclusion in these materials and Golden Ocean has not undertaken any independent investigation to confirm the accuracy or completeness of such information

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Company update Highlights

• The Company reports a net loss of $12.0 million and loss per share of $0.10 for the second quarter of 2017

  • An improvement of $5.9 million compared with a net loss of

    $17.9 million for the first quarter of 2017

  • An improvement of $27.2 million compared with a net loss of

    $39.2 million for the second quarter of 2016

• Adjusted EBITDA in the second quarter was $29.7 million, compared with adjusted EBITDA of $17.5 million in the first quarter of 2017 and negative adjusted EBITDA of $0.8 million in the second quarter of 2016

• Completed the acquisitions of 16 modern dry bulk vessels in ship- for-share transactions in exchange for 17.8 million shares and the assumption of $285.2 million in debt

  • 13 vessels delivered in the second quarter and three in July 2017

• Joint venture company agreed to the sale of Golden Opus for $28.9 million, resulting in estimated net cash proceeds of approximately

$6 million in the third quarter

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