Fleet Financing

Agreement for the construction of three Kamsarmax

Golden Ocean Group Limited (Nasdaq and OSE: GOGL) (“Golden Ocean” or the “Company”), one of the world’s largest listed solid bulk shipowners, today announces that it has entered into an agreement for the construction of three high-specification vessels Kamsarmax latest generation 85,000 dwt ECO type vessels, which will be built in a first-class Chinese shipyard. The ships will be fitted with the latest and most efficient propulsion system, contributing to significant improvements in fuel consumption and emissions performance. Ships are bi-fuel ready, giving the company time to assess alternatives as visibility of future regulations and optimal technology improves.

The ships are expected to deliver from Q3-2023 to Q1-2024. Golden Ocean intends to fund the acquisition with cash flow from operations and cash on hand and will establish long-term debt financing closer to delivery.

Ulrik Andersen, CEO of Golden Ocean Management AS commented:

“With this transaction, we are continuing to implement our strategy of renewing the fleet and improving its operational performance. At the same time, it underlines our belief in the long-term fundamentals of dry bulk.

We obtained an attractive price with a very heavy payment structure, which means that Golden Ocean can absorb the transaction without affecting the Company’s dividend capacity, which remains a key priority. Ships benefit from additional cargo intake, and superior fuel economy will ensure low operating costs and a reduced carbon footprint.

September 9, 2021

Board of directors
Golden Ocean Group Ltd.
Hamilton, Bermuda

For further questions, please contact:

Ulrik Andersen: Chairman and CEO, Golden Ocean Management AS
+47 22 01 73 53

This information is subject to disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Law.

Forward-looking statements:

This press release and any material distributed in connection with this press release may contain certain forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they reflect the Company’s current expectations and assumptions about future events and circumstances which may not prove to be correct. A number of important factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

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