Dry Bulk Ship Owner Golden Ocean Rides the Wave of An Improving Freight Market

Golden Ocean Group Limited, a leading dry bulk shipping company, today announced its results for the quarter ended September 30, 2017.

Highlights

· Net income of $0.4 million and earnings per share of $0.00 for the third quarter of 2017, compared with net loss of $12.0 million and loss per share of $0.10 for the second quarter of 2017 and net loss of $26.7 million and loss per share of $0.25 for the third quarter of 2016.

· Adjusted EBITDA of $40.4 million for the third quarter of 2017 compared with $29.7 million in the second quarter of 2017 and $8.6 million for the third quarter of 2016.

· Entered into agreement to sell six Ultramax vessels.

· Took early delivery of one Capesize newbuilding and took delivery of the remaining three of the14 modern dry bulk vessels acquired from Quintana Shipping Ltd. (“Quintana”) earlier this year.

· Raised $100 million in capital through a $66 million equity offering and a $34 million equity in-kind contribution as partial consideration for two modern Capesize vessels acquired from affiliates of Hemen Holding Limited (“Hemen”).

· Terminated the covenant waivers related to the Company’s recourse debt.

Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, commented:

    “Golden Ocean returned to profitability in the third quarter of 2017 and significantly improved the operating cash flow in an improving freight environment. The Company has taken a series of steps to maximize its market leverage by focusing commercial efforts on the vessel segments we believe provide the greater exposure to a recovery in the dry bulk shipping market. The Company’s financial position has also been enhanced significantly over the past twelve months following improved operating results, strategic asset sales, and the equity issuance completed last month.”

Per Heiberg, Chief Financial Officer of Golden Ocean Management AS, commented:

    “We are pleased to report that Golden Ocean has been able to terminate waivers on its recourse debt and return to normal financial covenants as well as removing restrictions on new acquisitions, new debt and dividend payments one year ahead of the timeline the Company previously agreed to with the lenders. With our strong cash balance and continued debt amortization payments, our balance sheet should continue to strengthen. This provides us the financial flexibility with respect to the majority of our free cash flow to pursue additional opportunities and build shareholder value.”