Golden Ocean Group Limited Q results December 1, 2006

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1 Golden Ocean Group Limited Q results December 1, 2006

2 PROFIT & LOSS (in thousands of $) Jul-Sep Jul-Sep Jan - Sep Jan - Sep Jan - Dec Operating Revenues 26,265 66,431 Time charter revenues 175,846 57,679 94, ,048 Other Income 4, ,718 68,479 Total operating revenues 180,523 58,259 95, Gain (loss) from sale of assets 4,117 Operating expenses ,655 Voyage expenses and commission 33, ,553 Ship operating expenses 5,083 2,297 3,509 13,441 37,618 Charterhire expenses 90,441 29,074 50, ,899 Administrative expenses 5,033 1,889 3,535 1,881 2,218 Depreciation 5,887 3,476 5,021 17,484 55,943 Total operating expenses 139,846 37,159 63,337 9,234 12,833 Net operating income 44,794 21,100 32,473 Other income (expenses) Interest income (3,702) (4,341) Interest expense (12,212) (5,529) (9,455) 2,103 Gain on sale of marketable securities 2,103 10,733 10,733 3,879 4,290 Gain on freight future contracts 4,490 15,810 8,780 (193) 522 Other financial items 582 (276) (380) (477) Loss on Lease (1,983) - Impairment loss (8,000) (1,802) 139 2,504 Net other income (expenses) (14,322) 21,169 8,472 9,373 15,337 Net income 30,472 42,269 40,945 $0.04 $0.06 Basic earnings per share $0.12 $0.18 $0.17

3 BALANCE SHEET '2006 '2005 '2005 (in thousands of $) Sep 30 Sep 30 Dec 31 ASSETS Current Cash and cash equivalents 27,294 21,941 16,484 Other current assets 34,555 6,678 11,237 Total current assets 61,849 28,619 27,721 Long-term Vessels and equipment, net 126, , ,082 Vessels under finance lease 203, , ,022 Vessel purchase options 28,832 30,287 28,832 Newbuildings 14,142-35,670 Investment in future net income 33,611 49,515 45,011 Deferred charges and other long-term assets 5,961 3,686 1,623 Total assets 473, , ,961 LIABILITIES AND STOCKHOLDERS' EQUITY Short term Short term and current portion of long-term debt 48,579 42,579 60,154 Current portion of finance lease obligation 10,976 3,564 5,783 Other current liabilities 22,810 6,918 10,160 Total current liabilities 82,365 53,061 76,097 Long-term Long-term debt 133, , ,985 Finance lease obligation 126,672 63,887 61,145 Stockholders' equity 131,507 81,071 79,734 Total liabilities and stockholders' equity 473, , ,961

4 Main events Q3/Q In August the Company sold its total amount of 3.7 million shares in Jinhui Shipping. During the quarter the Company took delivery of the vessels Golden Shadow and Golden Lyderhorn as well as delivered the vessel Lake Sequoia to her new owners. In August the Company reached an agreement with Clipper Bulk Shipping to take over the bareboat agreements for a fleet of five Panamax vessels. The company has a purchase option on the vessels at the end of the period. Three of the vessels were delivered in August while the remaining two vessels were delivered in October. In August 2006 the Company completed a private placement of 24,500,000 shares placed at a subscription price of NOK 5.25 per share. Gross proceeds from the equity issue amounted to approximately $20.8 million. The proceeds from the issue were used to fund part of the Clipper investment In September the Company exercised options for an additional two ice class Panamax vessels at Rong Sheng. The company has now a total of six sister vessels which will be delivered during The Company has covered close to 3,500 days for it s Panamaxes for 2007 at a net rate of about USD 24,000 per day. This will generate approximately USD 39 million in cash or alternatively reduce the cash break even for the remaining Panamax fleet to USD per day.

5 Spot Rates 2006 USD/Day Cape 4 T/C - 03.jan feb mar apr mai jun jul aug sep okt nov.06 Panamax 4 T/C

6 China has a long way to go 100 GDP per capita, Index US =100 Japan To = NIE To = China To = t t+5 t +10 t +15 t +20 t+25 t +30 t+35 t+40 t +45 t+50 Source: Danske Bank

7 South Korea s development suggest a rather dramatic rise ahead in steel Source: IMF 2006

8 The Asian growth model China is different 1 0,0 % Contribution to annual real GDP growth Capital Accumulation Labour TFP 5,0 0,0 Asia-9 (Fast growth catching-up period) China ( ) Source: Heytes and Zebergs (2003), Kuijs and Wang (2005), Young (1995), IMF papers (1995)

9 STRONG INCREASE IN DOMESTIC COAL SHIPMENTS IN CHINESE WATERS THE RAPIDLY INCREASING VOLUMES OF COASTAL COAL SHIPMENTS HAVE RESULTED IN MORE USE OF LARGER SHIPS F.EXAMPLE: SOME 15 PMAX BOUGTH BY CHINESE OVER THE LAST THREE MONTHS WITH THE MAJORITY DESTINATED FOR COASTAL COAL TRANSPORT. SHIPS SAILING ON LOCAL CHINESE TRADES ARE MOSTLY INCLUDED IN THE TOTAL WORLD SUPPLY OF TONNAGE, BUT ARE TO A LARGE EXTENT NOT OPERATING IN INTERNATIONAL WATERS AND SHOULD THEREBY BE EXCLUDED FROM THE WORLD TONNAGE SUPPLY. IT IS REASON TO BELIEVE THAT A CONSIDERABLE AMOUNT OF HANDY/HANDYMAX AND PANAMAXTONNAGE ARE MAINLY BEING USED FOR CHINESE LOCAL TRADE. R.S. Platou Economic Research a.s

10 Imports, China M a r k e t C o m m e n t C a p e : Source: Lorentzen & Stemoco AS

11 World economy in healthy shape USA 3.9% 3.2% 3.4% 2.4% 2.9% 3.2% 3.2% Euro area 2.1% 1.3% 2.5% 1.8% 2.0% 2.0% 2.1% Russia 7.2% 6.4% 6.5% 6.5% 5.6% 5.4% 5.0% Middle East 5.5% 5.7% 5.4% 5.4% 4.5% 3.9% 4.3% Japan 2.3% 2.6% 2.9% 2.8% 2.1% 2.0% 2.0% China 10.1% 10.2% 10.5% 10.0% 9.5% 9.0% 9.0% India 7.3% 8.2% 8.8% 7.7% 6.8% 6.6% 6.5% World output 5.3% 4.8% 4.9% 4.7% 4.6% 4.5% 4.4% v US economy continues to grow at a high pace, but risks slowing down v Facing weaker housing market which may impact negatively on consumer spending v Europe is performing better, thanks to better outlook for export markets v Hinges on Germany, accounting for one-third of Euro-area output v Asia buoyed by Japanese recovery and booming Korea, China, India Source: Lorentzen & Stemoco AS

12 WORLD STEEL CONSUMPTION BY REGION TREND TO % P.A % +5.2 % +7.6 % +2.3 % +6.1 % +8.8 % +9.4 % +4.1 % SOURCE: IISI, OCTOBER 2006 R.S. Platou Economic Research a.s

13 Seaborne iron ore demand IRON ORE IMPORTS IRON ORE EXPORTS Mill t Mill t Other 1000 Other China Japan Europe India & Other Asia Australia Brazil v China will import 345 mill. tons of iron ore in 06, an increase of 25% y-o-y v India will reduce its role as an iron ore supplier, consuming more domestically v Australia and Brazil will remain the two largest suppliers, battling out the market Source: Lorentzen & Stemoco AS

14 Natural gas vs. Steam coal price IPE Natural Gas Price 1st Month vs. NWE Steam Coal Price USD per ton IPE Natural Gas Price 1st month NWE Coal price v Rising natural gas prices have made way for greater steam coal burn v Carbon prices have continued to fall, favoring coal-fired generators v At current, steam coal has an economic advantage over natural gas Source: Lorentzen & Stemoco AS

15 Total dry bulk commodity demand Mill t TOTAL SEABORNE TRADE Other Steel product Grain Steam coal Met coal Iron ore v Total dry bulk demand will be 2.6bn tons in 2006, from 2.4bn tons in 05 v Ton-mile demand increase in 2006 to mill. dwt v Represents an increase of 6.1% on y-o-y basis Source: Lorentzen & Stemoco AS

16 Vessel supply Age Profile Mill DWT Cape Pana Handymax Handysize v A considerable part of the dry bulk fleet is over 20 years of age v The pool of scrapping candidates is substantial Source: Lorentzen & Stemoco AS

17 Newbuilding deliveries v In 2006, the total dry bulk fleet will grow by about 6.5% y-o-y to 375 mill. dwt v Dry bulk newbuilding deliveries will abate following upcoming winter season v In 2007, net fleet growth will be % depending on scrapping v Market balance will tighten again, continuing into 2010 Source: Lorentzen & Stemoco AS

18 Dry bulk fleet demand, 50,000 + DWT Trade growth Fleet growth Million tonnes Source: Fearnley Consultants & Fearnresearch

19

20 Conclusions China s growth miracle looks sustainable Commodity demand expected to grow faster then underlying GDP growth. Steam coal, the winner among energy sources going forward Age profile cushion against downside Few newbuilding births available prior to 2010 Our base case: utilisation to fluctuate between 92% to 96% through the next three years

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