Financial Results Announcement - Golden Ocean Group Limited will publish its financial results for the second quarter of 2024 on August 28, 2024 [1] - A conference call and webcast will be held on the same day at 3:00 P.M. CEST (9:00 A.M. New York Time) [1] Accessing the Presentation - The presentation will be available for download from the Investor Relations section of the Company's website prior to the conference call/webcast [1] - Participants can listen to the presentation via webcast or conference call, with registration required for the latter [2] Q&A Session - A Q&A session will follow the conference call/webcast, with instructions on submitting questions provided at the beginning of the session [2] Regulatory Disclosure - The information is subject to the disclosure requirements of the Norwegian Securities Trading Act [3]

Core Insights - Golden Ocean Group Ltd has released its sixth annual ESG Report for 2023, adhering to the Marine Transportation framework by SASB and UN Global Compact disclosure requirements [1][2]. Environmental Performance - The company reported a 13.3% reduction in CII emissions compared to the baseline year of 2019, showing improvement from the 2022 result of 9.1% [2]. - Golden Ocean is ahead of its targeted reduction schedule, aiming for a 15% reduction by 2026, 30% by 2030, and achieving net zero emissions by 2050 [3].

Core Viewpoint - Golden Ocean Group is positioned well in the dry bulk shipping market, with a focus on maintaining low cash breakeven levels and a modern fleet, which allows for significant cash flow generation during strong market conditions while being protected against downturns [3][4]. Financial Performance - For Q1 2024, net income increased to $65.4 million, with earnings per share (EPS) at $0.33, compared to $57.5 million and $0.29 EPS in the previous year [3]. - The reported Time Charter Equivalent (TCE) rates for Capesize and Panamax vessels were $27,222 and $14,978 per day, respectively, with an average of $22,628 per day for the entire fleet [3]. - A cash dividend of $0.30 per share was announced for Q1 2024, yielding 6.17% [3]. Market Outlook - The dry bulk cargo market is expected to grow at an annual average CAGR of 4%, with significant demand for Capesize ships anticipated over the next 18 months [4]. - Spot rates for Capesize ships have reached 15-year highs, driven by increased demand for iron ore, bauxite, and coal [4][10]. - Analysts project a target price for Golden Ocean stock between $12.90 and $14, with potential EPS growth to $1.75 in 2025 [4]. Company Strategy - Golden Ocean has successfully maintained an industry-leading daily cash breakeven level of approximately $14,100 for its fleet [3]. - The company has completed a $180 million credit facility at favorable terms, indicating strong financial management [3]. - The fleet is primarily composed of Capesize ships, with plans to expand, positioning the company as the 8th largest dry bulk cargo company globally [10]. Shareholder Returns - Over the last five years, total shareholder return was 234%, with a one-year return of 80.6%, outperforming the shipping industry average of 46.5% [4]. - The stock has shown a year-to-date increase of approximately 33% and 76.4% over the last 12 months [9]. Debt and Financial Health - The net debt-to-equity ratio stands at approximately 63%, with operating cash flow covering debt obligations effectively [12]. - Despite a reported revenue growth of -10.4%, the company is considered healthier than its peers, with a PE ratio of 8.4 compared to the industry average of 12.9 [4][12].

Golden Ocean Group (GOGL) recently announced that Lars-Christian Svensen has decided to step down as the chief executive officer or CEO of Golden Ocean Management AS to seek new opportunities. The company is the owner of one of the largest dry bulk fleets in the world. Golden Ocean Group Management AS is responsible for management of the fleet. GOGL would he hoping that the company performs well on the bourse under Simonsen as well. Following the exit of Svensen from the top position, GOGL has appointed Ped ...

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Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the "Company" or "Golden Ocean") today announced that Lars-Christian Svensen, Chief Executive Officer of Golden Ocean Management AS, has decided to step down from his position to seek new opportunities. The Board has appointed the company's CFO, Peder Simonsen, to take the role as Interim Chief Executive Officer and Chief Financial Officer of Golden Ocean Management AS. Mr. Svensen will be available for the company till September 1, 2024. The Board of Directors ...

"I would like to thank Lars-Christian for his valuable contributions to the company as CCO and CEO and wish him all the best for the future", said Ola Lorentzon, Chairman of Golden Ocean. This information is subject to the disclosure requirements of section 5-12 of the Norwegian Securities Trading Act. Lars-Christan Svensen commented: "I would like to thank the Board and my colleagues for wonderful years. I am proud to have contributed to the Company's success and development during my tenure. I wish the Co ...

EXHIBIT 99.1 INTERIM FINANCIAL INFORMATION GOLDEN OCEAN GROUP LIMITED First Quarter 2024 May 22, 2024 Hamilton, Bermuda, May 22, 2024 - 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 March 31, 2024. Highlights Lars-Christian Svensen, Chief Executive Officer, commented: "Golden Ocean was well positioned as the new year got underway with significant spo ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2024 was $114.3 million, down from $123.2 million in Q4 2023 [2] - Net income increased to $65.4 million with earnings per share of $0.33, compared to $57.5 million and $0.29 per share in Q4 2023 [2][24] - Total operating expenses were $62.6 million, slightly down from $63.4 million in Q4 [4] - Cash flow from operations was $115.8 million, with a total net increase in cash of $28.8 million [12] Business Line Data and Key Metrics Changes - TCE rates for Capesize vessels were approximately $27,200 per day, while Panamax vessels achieved about $15,000 per day, resulting in a combined fleet-wide TCE of $22,600 per day, down from $23,000 in Q4 2023 [10][11] - The company drydocked two ships in Q1, resulting in approximately 97 days offhire compared to 109 days in Q4 [11] Market Data and Key Metrics Changes - Global Capesize trade increased by almost 4% in Q1, with trade flows from the Atlantic to the Pacific up 13% year-on-year [6] - Iron ore imports to China increased by 5% year-on-year, with a notable 30% increase in imports from the Atlantic [26] - Colombian coal exports surged by 52% year-on-year, contributing to strong demand [6] Company Strategy and Development Direction - The company remains focused on the Capesize sector, which is viewed as the most attractive in the dry bulk space, with a low order book and aging fleet [7] - The company is positioned to capitalize on market trends and is open to exploring accretive deals for fleet expansion [19] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market is driven by strong coal and iron ore demand, particularly from India and China [17] - The outlook for the Capesize sector remains positive, with expectations of continued strong demand and ton-mile contributions from new mining operations [26][27] Other Important Information - The company declared a dividend of $0.30 per share for Q1 2024 [3] - Cash and cash equivalents totaled $147.4 million, with $125 million in undrawn available credit lines [5] Q&A Session Summary Question: Impact of flooding in Brazil on grain exports - Management indicated that there is no significant impact on Panamaxes, and operations remain normal [15] Question: Thoughts on chartering more tonnage - Management is open to time charters in the Capesize and Panamax space if market trends support it [29] Question: Driving forces behind the current market strength - Management highlighted the importance of the Panama and Suez Canals, along with strong coal and iron ore flows, particularly from Colombia and Brazil [17] Question: Potential for Chinese steel exports to influence dry bulk - Management noted that while steel exports from China have been strong, they are primarily on smaller vessel sizes, but increased steel exports could benefit Panamaxes [18] Question: Considerations for new building capacity - Management expressed satisfaction with current fleet positioning and indicated no immediate need for new buildings, but will consider opportunities as they arise [19]

Financial Performance - Adjusted EBITDA for Q1 2024 was $114.3 million, compared to $123.2 million in Q4 2023[60] - Adjusted net income for Q1 2024 was $58.4 million, or $0.29 per share, compared to $64.6 million, or $0.32 per share, in Q4 2023[60] - Net income for Q1 2024 was $65.4 million, or $0.33 per share, compared to $57.5 million, or $0.29 per share, in Q4 2023[60] - Operating cash flow for Q1 2024 was $115.8 million[6,70] - The company announced a dividend of $0.30 per share for Q1 2024[63] Fleet and TCE Rates - The company estimates TCE rates of $27,200 per day for 75% of Capesize available days and $14,500 per day for 82% of Panamax available days for Q2 2024[61] - The company estimates TCE rates of $25,200 per day for 24% of Capesize available days and $20,500 per day for 41% of Panamax available days for Q3 2024[61] - Reported TCE rates for Capesize vessels were $27,222 per day, and for Panamax vessels, $14,978 per day in Q1 2024, with an overall fleet TCE rate of $22,628 per day[63] Market Dynamics - Global Capesize trade increased by 3.75% year-over-year in Q1 2024, driven by increased trade flow from the Atlantic to the Pacific (+13% y/y)[12] - Brazilian iron ore exports increased by 15% year-over-year in Q1 2024[12,21,50] - Vessels transiting through the Suez Canal decreased by 43% in Q1 2024 compared to Q1 2023[20]