Golden Ocean Group Limited Q results March 1, 2007

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1 Golden Ocean Group Limited Q results March 1, 2007

2 PROFIT & LOSS (in thousands of $) Oct-Dec Oct-Dec Jan - Dec Jan - Dec Operating Revenues Time charter revenues (1 370) Other Income Total operating revenues (9) Gain (loss) from sale of assets Operating expenses Voyage expenses and commission Ship operating expenses Charterhire expenses Administrative expenses Depreciation Total operating expenses Net operating income Other income (expenses) Interest income (3 926) (4 887) Interest expense (17 098) (9 455) Gain on sale of marketable securities (7 030) (121) Gain on freight future contracts (104) (162) Other financial items 419 (380) - Loss on Lease (1 983) (1 802) - Impairment loss (8 000) (1 802) (12 697) (3 609) Net other income (expenses) (17 932) (51) Taxation (51) (295) Minority Interests (295) (1 324) Net income $(0.01) $0.02 Basic earnings per share $0.14 $0.17

3 BALANCE SHEET '2006 '2005 (in thousands of $) Dec 31 Dec 31 ASS ETS Current Cash and cash equivalents Other current assets Total current assets Long-term Vessels and equipment, net Vessels under finance lease Vessel purchase options Newbuildings Investment in future net income Deferred charges and other long-term assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Short term Short term and current portion of long-term debt Current portion of finance lease obligation Other current liabilities Total current liabilities Long-term Long-term debt Finance lease obligation Minority Interests 295 Stockholders' equity Total liabilities and stockholders' equity

4 Main events Q / Q In December 2006, the company acquired four Capesize newbuilding contracts at Daehan Shipbuilding Co. Ltd. The vessels will be delivered between May 2008 and January Two of the vessels have been fixed out for a period of 5 years at a net rate of USD 36,800 per day. The two fixed out vessels have been sold to Ship Finance International with a 15 years bare boat agreement back to Golden Ocean. Golden Ocean has been granted purchase options after 5, 10 and 15 years. In December 2006, the company drydocked the vessels Channel Navigator and Channel Alliance. Total drydocking costs amounted to approximately USD 4 million. Pluss cost of offhire amounting to about 5 millon. In February 2007, Golden Ocean sold the Panamax M/V Golden Gunn for gross sale proceeds of $50.2 million. The vessel will be delivered in March The sale will give a positive result of approximately $9.6 million and will generate approximately $20.6 million in additional liquidity. Change of dividend policy

5 Newbuildings Type Hull Yard Delivery Panamax Ice class 1008 Rongsheng Q4 / 2007 Panamax Ice class 1009 Rongsheng Q1 / 2008 Panamax Ice class 1046 Rongsheng Q1 / 2008 Panamax Ice class 1010 Rongsheng Q2 / 2008 Panamax Ice class 1021 Rongsheng Q2 / 2008 Panamax Ice class 1047 Rongsheng Q2 / 2008 Capesize 1001 Daehan Q2 / 2008 Capesize 1002 Daehan Q3 / 2008 Capesize 1003 Daehan Q4 / 2008 Capesize 1004 Daehan Q1 / 2009

6 Baltic index average timecharter rates 110, ,000 90,000 Handymax Panamax 74kdwt Cape 172kdwt 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04 May-04 Aug-04 Nov-04 Feb-05 May-05 Aug-05 Nov-05 Feb-06 May-06 Aug-06 Nov-06 Feb-07 $/day

7 Major dry bulk export cargoes % % 800 Mt h03 2h03 1h04 2h04 1h05 2h05 1h06 2h06

8 SSY Australian coal port congestion index Delay: weighted by port output Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07

9 Steel production the key driver Iron ore 27% Other 33% Coking coal 7% Steam coal 19% Steel products 8% Pig iron 1% Coke 1% Scrap 4% Source: Clarksons

10 Annual percentage change in steel production 15.0% 12.5% Total Without China 10.0% 7.5% 5.0% 2.5% 0.0% -2.5% -5.0% Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07

11 Chinese apparent steel consumption % growth Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07

12 Chinese iron ore imports 36,000 31,000 26, tonnes 21,000 16,000 11,000 6,000 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07

13 Chinese iron ore imports Capes +137 Capes Mt Base 2010 High

14 Chinese coal trade balances Imports Exports Net Exports Million tonnes q03 4q03 1q04 2q04 3q04 4q04 1q05 2q05 3q05 4q05 1q06 2q06 3q06 4q06 1q07est

15 Indian steam & coking coal imports Million tonnes E 2007F

16 Bulk carriers on order vs 20+ year fleet Million Dwt Orderbook 20+ years 25+ years Handysize Handymax Panamax Capesize

17 Capesize net fleet changes Million Dwt Additions Deletions Net Change

18 Panamax net fleet changes Additions Deletions Net Change Million Dwt

19 Scrap potential the longer scrappings are postponed the higher the next freight bubble No of ships > 30 years Delivery > 29 years Delivery > 28 years Delivery > 26 years Delivery Handysize Handymax Panamax Capesize Source: Clarksons

20 Simplified comparison mt Iron ore imports Cape deliveries adjusted Cape order book Source: Clarksons

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