Golden Ocean : Company Presentation, June 2017

Company Presentation

June 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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Golden Ocean Overview

World's leading dry bulk shipping company

• Modern 77-vessel on-the-water fleet with average age of ~4 years and significant commercial platform with additional 44 vessels under management(1)

• Leverage to market recovery with chartering strategy focused on spot exposure

• Strong relationships with lenders, shipyards, charterers and

  cargo owners

• Recent all share acquisition in historically low-priced asset

  Public dry bulk companies by DWT(1)

  Mill dwt 12

  10

  8

  6

  4

  2

  0

  On the water Newbuilds Acquired vessels

  Publicly listed dry bulk companies by MCAP(2)

  environment further demonstrates attractiveness of platform and management team

  Golden

  Ocean

  Star Bulk

  Carriers

  Navios

  Maritime

  Diana

  Shipping

  Genco

  Shipping

  Safe

  Bulkers

  Scorpio

  Bulkers

  Eagle

  Bulk

  Financial strength and flexibility

• Long-term support of committed founder and largest shareholder

• Recent acquisition further reduces break even levels through loan waiver period

• Proven ability to access the capital markets to facilitate accretive transactions

  800

  700

  600

  500

  400

  300

  200

  100

  0

  MCAP (USDm)

• Strong cash position and no near term liquidity requirements

Golden

Ocean

Star Bulk

Carriers

Scorpio

Bulkers

Diana

Shipping

Genco

Shipping

Eagle

Bulk

Navios

Maritime

Safe

Bulkers

1. Following delivery of recently-acquired vessels from subsidiaries of Quintana Shipping Ltd. and Hemen Holding Ltd.

2. Market cap as of 12 June, 2017 3

Source: Company websites, Bloomberg

Golden Ocean Fleet Overview Young, fuel efficient fleet with average age of ~4 years

Fleet profile

Operating	Newbuildings	Managed	Total
Capesize	39	6	5	50
Panamax / Kamsarmax	17	-	14	31
Iceclass Panamax	12	-	-	12
UltraMax	9	-	9	18
Handysize	-	-	7	7
Container	-	-	9	9
Total	77	6	44	127

Golden Ocean fleet age vs. publicly listed dry bulk companies

12,0

10,0

Average fleet age

8,0

Years

6,0

4,0

2,0

0,0

Golden Ocean Scorpio Bulkers Safe Bulkers Diana Shipping Star Bulk Carriers Navios Maritime Eagle Bulk Genco Shipping

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Source: Company websites