Golden Ocean Group Limited

Hi there, and a very good afternoon from Oslo. My name is Lars Christian Svensson, and I am the Interim CEO of Golden Ocean. Today, CFO Petter Simonsen and I will guide you through our Q3 numbers and update you on recent activities in Golden Ocean and our forward outlook. Here are our highlights for Q3. Our adjusted EBITDA in the third quarter of 2023 ended up at 78.9 million compared to 80.4 million in the second quarter. We delivered a net profit of 28.7 million and earnings per share of 14 cents. This compared with net profit of 34.9 million and earnings per share of 17 cents for the second quarter. Our TCE rates for Cape Size and Panamax vessels were 18,200 per day and 15,400 per day respectively. Combined, a total fleet-wide net TCE of 17,100. For Q4, we have secured a net TC of $23,045 per day for 79% of the Cape size days and $17,250 per day for 83% of the Panamax days. For Q1, we have secured a net TC of $21,700 per day for 12% of the Cape size days and $15,600 per day for 23% of the Panamax days. During Q3, we have also entered into back-to-back agreements to buy and sell a Supermax vessel, which we held as a purchase option. The company expects to recognize a gain from the sale of approximately 6 million upon delivery of the vessel, and the expected delivery date is before year-end. We also completed the sale and delivery of one of our Panamax vessels to new owners, recognizing a gain from the sale of about 1 million and net cash proceeds of about 7 million. True to the dividend policy, we declare a dividend of 10 cents per share for the third quarter of 2023. With that, I will pass the word over to Petter.

Thank you, Lars Christian. If we move to our profit and loss. We delivered strong commercial performance with CAPE TCE rates coming in at 18,200, slightly down from previous quarter, and Panamax coming in at 15,400, in line with previous quarter. Our total fleet-wide time tractor equivalent was 17,100, which was materially unchanged from Q2. We had two ships dry docked in Q3 versus six ships in Q2, resulting in approximately 115 days of fire versus 215 days of fire in Q2. We have two ships expected to dry docked in Q4, which are expected to be complete by the second half of the quarter. We added just below 550 vessel days compared to Q2 through new ship deliveries, net of vessel sales in Q3. Our net revenues came in at 156.6 compared to 154 million in Q2. Looking at our operating expenses, we recorded 64.5 million versus 62.4 million in the previous quarter. This was impacted by additional ship days compared to the previous quarter. In addition, we recorded approximately 3 million expense relating to the change of technical managers on certain of our ships. This was offset by fewer dry dockings in this quarter compared to previous quarter and also offset by lower OPEX reclassified from charter hire with fewer ships being charted in on average during the quarter. The reclassified charter hire was 4.9 million in Q

versus 6.2 million in Q2.