THIS REPORT HAS BEEN PREPARED BASED ON  
THE REQUIREMENTS OF THE SUSTAINABILITY ACCOUNTING 
STANDARDS BOARD
ESG
REPORT
2022
THIS REPORT HAS BEEN PREPARED BASED ON  
THE REQUIREMENTS OF THE SUSTAINABILITY ACCOUNTING 
STANDARDS BOARD

About Golden Ocean
 
Golden Ocean Group Limited (”Golden Ocean” or the ”Company”) is a leading international shipping company 
owning and operating Capesize, Panamax and Supramax dry bulk carriers. Golden Ocean is listed on the 
NASDAQ with a secondary listing on the Oslo Stock Exchange and is one of the largest listed dry bulk companies 
in terms of both market capitalization and deadweight tonnage (dwt).
SASB Activity 
About this report
This report is our fifth comprehensive and stand-alone sustainability report. The report meets the disclosure 
requirements of the Sustainability Accounting Standards Board (SASB) Marine Transportation Standard 
(2018). A separate GRI Index is available in the Appendix. The report cover the Company’s owned fleet and 
presents our material environmental, social, and governance (ESG) performance, along with how we manage 
material sustainability topics, for the financial year ending December 31, 2022. 
For report questions or feedback, contact michelle.canales.sviggum@goldenocean.no
ACTIVITY METRIC
UNIT OF MEASURE
DATA 2020
DATA 2021
DATA 2022
SASB 
REFERENCE
Number of shipboard personneln
Number
1 428
1 700
1 620
TR-MT-000.A
Total distance travelled  
by vesselso 
Nautical miles (nm)
4 038 058
4 816 462
4 871 074
TR-MT-000.B
Operating daysp
Days
26 878
27 896
28 588
TR-MT-000.C
Deadweight tonnage 
Deadweight tonnes
9 252 871
11 917 248
11 609 507
TR-MT-000.D
Number of assets 
in fleetq
Number
68
85
81
TR-MT-000.E
Number of vessels  
port callsr
Number
1 434
1 859
1 880
TR-MT-000.F
*All letter references are indexed and listed on page 25 in this document, containing definitions and assumptions to the information provided.
Contents
05	
INTRODUCTION
06	
OUR APPROACH TO ESG 
08	
SUSTAINABILITY GOVERNANCE
11	
ENVIRONMENT 
19	
SOCIAL 
23	
APPENDIX
	
Sustainability accounting standard disclosures
	
Disclaimer and assumptions for the sasb reporting 
	
GRI Index
CONTENTS / ABOUT THIS REPORT • 3 
2 • 2022 • Environmental Social Governance

Key highlights
Dear stakeholders,
I am pleased to report that Golden Ocean has continued 
to make progress in managing environmental, social 
and governance factors (ESG) in 2022. This has been a 
critical factor in ensuring our continued success. 
As the regulatory environment continues to expand, 
we have seen numerous developments, including the 
implementation of the Norwegian Transparency Act 
and the inclusion of shipping in the EU Emissions 
Trading Systems (EU ETS). At Golden Ocean, we 
support these developments as we see them as enablers 
for a more balanced sustainability landscape, which 
corresponds with our commitment to ensuring ESG 
risks and opportunities remain at the core of our 
business strategy.
We have maintained a strategic focus on digitization to 
ensure we have accessible ESG data. This investment 
allows us to extract relevant vessel performance data 
from our digital ESG management platform whenever 
we need it, enabling data-driven decision-making. This 
permits us to optimize our operations to increase fuel 
efficiency and reduce emissions. Moreover, it provides 
our Board of Directors (BoD) with the necessary 
information to discuss ESG topics at BoD meetings, 
ensuring that we stay on top of our performance. 
Our investment in maintaining a modern, energy-
efficient fleet enables us to be ambitious in our 
emissions reduction targets. We have set targets for 
scope 1 emission reduction and aim to reduce our 
Carbon Intensity Indicator (CII) values by 15% by 
2026 and 30% by 2030, compared to 2019. We have 
also set an ambition to reach net-zero by 2050. The 
strength of our young fleet, with an average age of 6.5 
years and superior fuel economics, is one of the core 
environmental pillars of our sustainability strategy. 
Our energy efficiency project – “Decarbonization 
journey toward IMO 2030-2050” – has provided us 
with a solid basis for assessing our operations, with a 
particular focus on how to further optimize our fleet to 
meet our targets. To this end, in the past 24 months, we 
have sold 11 older vessels and acquired or contracted 
24 modern vessels. This acquisition strengthens 
our position as one of the world’s largest dry bulk 
companies, while also increasing the fuel efficiency 
of our fleet and reducing our emissions profile. As a 
result, we are making significant progress towards our 
emission reduction targets 
We will continue to assess our operations and 
investment strategies in light of the EU Taxonomy 
regulation and its technical screening criteria to 
ensure that we stay an attractive business partner. 
With this in mind, we have applied for a sustainability-
linked bond to help support Golden Ocean in the 
implementation of its sustainability strategy.
In addition to decarbonization, human rights as 
well as HSEQ related matters remain high priorities 
within our organization and in collaboration with our 
business partners. We are committed to ensuring a 
safe and diverse place to work, where human rights 
are respected, and all workers have decent working 
conditions. To this end, we carried out a Human Rights 
Risk Assessment in 2022 in accordance with the 
requirements of the newly implemented Norwegian 
Transparency Act to better assess key areas of risk. 
Our fifth comprehensive and stand-alone ESG report 
provides an opportunity to reflect on our ESG journey 
so far and demonstrate our progress. The disclosures 
in this report aim to provide analysts and other 
stakeholders with material ESG information.
We invite you to read our report and we welcome 
any comments or questions you may have on the 
information presented within it.
Introduction
ULRIK UHRENFELDT ANDERSEN 
CEO
Golden Ocean
12.4 
CII REDUCTION NEWCASTLEMAX
2.7 
CII REDUCTION IN PANAMAX 
1.7 
CII REDUCTION IN KAMSARMAX
0.29 
LOST TIME INCIDENT RATE
0 
NUMBER OF OIL SPILLS
$461m 
NET PROFIT
6.2 
CII REDUCTION CAPESIZE
Fleet as of year-end 2022 
13 
PANAMAX
2 
ULTRAMAX
35 
CAPESIZE
18 
KAMSARMAX
13 
NEWCASTLEMAX
KEY HIGHLIGHTS / INTRODUCTION • 5 
4 • 2022 • Environmental Social Governance

Our Approach to ESG
At Golden Ocean, ESG is a core aspect of how we work, 
and it is fully integrated into our business model. 
We believe that clear guidance and robust control 
mechanisms are essential to safeguard the proper 
handling of sustainability risks in our daily operations. 
We have established policies and control processes 
to manage our employees and partners and to ensure 
compliance with all applicable international and local 
laws and regulations. Our ESG framework reflects the 
incorporation of the UN Global Compact principles 
in our operations in general, and our enhanced ESG 
management system in the form of a digital platform.
RESPONSIBILITIES 
 
The Board of Directors (BoD) is responsible for ESG 
at Golden Ocean. The BoD oversees the ESG strategy, 
ensures that appropriate and effective ESG-related 
risk management and internal control systems are in 
place, and annually reviews our corporate governance 
framework.  
 
In line with the Norwegian Corporate Governance 
Code, the BoD has considered important ESG matters 
throughout the year and has reviewed our annual ESG 
report. The BoD’s Audit Committee monitors reports 
and complaints received by the company relating to 
internal controls and compliance. All incidents are 
reported to the BoD in an annual review. 
 
The Chief Executive Officer (CEO) carries the 
responsibility for the daily implementation of ESG at 
Golden Ocean. Crewing and ship management are both 
outsourced to third parties that are closely supervised 
and assessed by our fleet managers.
MATERIAL TOPICS 
 
Our work is multi-disciplinary and dynamic in order 
to align ourselves with the environments in which 
we operate. Identifying ESG risks and opportunities 
remains at the core of Golden Ocean’s business strategy. 
Our strategy is guided by the most relevant ESG 
topics to our industry and by where we can make a 
substantial contribution to our social, environmental 
and economic performance. Addressing material 
topics helps us streamline our sustainability efforts, 
allocate resources effectively and report on progress in 
a meaningful way. 
INDUSTRY COOPERATION 
 
Some of the challenges our industry is facing 
require joint action. Through cooperation with other 
stakeholders –including industry and regulatory 
authorities – we aim to stay ahead of the curve on 
material risks and opportunities and stay up to date on 
the newest technological developments. 
Together with industry peers such as Avance Gas, 
Frontline, Flex LNG and SFL, Golden Ocean has 
established an ESG forum with an expressed purpose 
to design industry-leading approaches to ESG risk 
management and reporting parameters.
 
In addition, we actively participate in and support the 
following initiatives:
•	 Getting to Zero Coalition 
•	 Global Maritime Forum 
•	 RightShip  
•	 Maritime Anti-Corruption Network (MACN)  
•	 The Neptune Declaration 
GOLDEN OCEAN’S  GOVERNING 
INSTRUMENTS ON ESG:
 
+ 	 Corporate Code of Business Ethics and Conduct 
+ 	 Environmental Policy 
+ 	 Ship Recycling Policy 
+ 	 Financial Crime Policy  
+ 	 Sanction Policy
+ 	 Know Your Business Partner Policy
+	 Biodiversity Policy 
+	 Biofouling Management Plan 
SDGs
ESG TARGETS 
2022 PERFORMANCE
E
CII reduction by 2026, compared to 2019
15%
9.1% reduction compared to 2019
CII reduction by 2030, compared to 2019
30%
S
Lost time incident rate (LTIR)
0
0.29
G
  Share of business partners screened for ESG 
compliance annually
100%
100%
Completion of E-learning on an annual basis
100%
100%
To identify areas that are material to our business, we undertook a comprehensive materiality assessment in 
2021 following the GRI 3 Materiality Standard and the SASB Marine Transportation Standard (2018). In 2022, we 
reviewed these topics against stakeholder feedback from employees, investors and customers; market, regulatory 
and technological developments; and the reporting of our peers. Our review of potential material impacts 
considered both the severity and likelihood of our impacts on the environment, society and the economy, as well as 
financial materiality.
 
Overall, the following topics have been deemed by the BoD to be material to our ESG efforts:
 
+ 	Ensuring a safe working environment for our seafarers 
+ 	Lowering the carbon footprint of our fleet
+	 Mitigating climate risk 
+ 	Raising awareness of ESG issues among our staff and key business partners 
As a result, Golden Ocean has developed specific targets for sustainability performance:
6 • 2022 • Environmental Social Governance
OUR APPROACH TO ESG • 7

Sustainability Governance
COMPLIANCE APPROACH 
 
Golden Ocean has a comprehensive Compliance 
Program ensuring that we conduct our business in 
an honest and ethical manner, and in June 2022, our 
Compliance department was further strengthened with 
the hire of a legal counsel. We have established policies 
and procedures outlining how the company manages 
ESG issues to help mitigate potential risks. These 
policies and procedures were updated in Q3 2022.
To enhance our communication in respect of the 
compliance risks we are facing, Golden Ocean provides 
training to all employees and management through 
in-person training sessions and an e-learning platform. 
This training is also made available as an option for 
the BoD. For instance, we have a separate section on the 
Company’s intranet that makes all policies, training 
materials and news easily available for all employees. 
Our communication and training regarding compliance 
and governance help our company follow laws, reduce 
risks of corporate and personal liability and operate 
effectively.
 In 2022, with assistance from KPMG, we conducted 
a full Compliance Risk Assessment to identify and 
mitigate the compliance risks Golden Ocean is exposed 
to. This assessment resulted in a risk map covering 
all identified risks, with sanctions and cybercrime 
dominating the risk map.  
Since the start of 2022 and Russia’s invasion of 
Ukraine, the UK, EU and US have imposed extensive 
sanctions against Russian interests targeting both 
entities and individuals. Golden Ocean monitors its 
fleet on an ongoing basis and receive alerts if any vessel 
is in proximity to a sanctioned area. We also include 
sanction clauses in all contracts where relevant, such 
as charter parties. In addition, third-party testing, 
strict due diligence requirements and monitoring 
of business partners are all measures that can also 
significantly reduce the risk of any sanction violation.
Maritime cyber risk refers to a measure of the extent 
to which a technology asset could be threatened by 
a potential circumstance or event, which may result 
in shipping-related operational, safety, or security 
failures because of information or systems being 
corrupted, lost, or compromised. The highest level of 
cyber risks for Golden Ocean includes being targeted for 
ransomware attacks with extortion or email phishing. 
As a result of this, in 2022, we conducted cyber 
training and phishing tests. The awareness training 
for employees and key third parties such as our ship 
managers is considered a key risk-mitigating action  
in this regard.
Owing to the various compliance systems and controls 
implemented, Golden Ocean has been able to address 
and manage the above-mentioned challenges. 
Safety incidents for seafarers due to the war in Ukraine 
Emergency on vessel when calling Russian ports, leading to payment to a sanctioned entity or individual for service support
Existing business partners being targeted by sanctions or owned by an entity or individual that becomes subject to sanctions
Transport and/or STS transfers of sanctioned cargo
Other direct or indirect breaches of sanctions (suppliers, sub-charterers, port agents, etc.)
A joint venture or an external business partner of the JV being involved in a sanctioned activity (e.g., sanctioned cargo, trading 
with sanctioned entity)
Ransomware attack with extortion
Email phishing leading to payment to wrong bank-account/owner (fraudulent payments)
Other types of cyber-attack leading to access to sensitive information, lack of access to data
Employee misuses, sells, or voluntarily shares sensitive/confidential information (including insider trading)
Corruption, bribery payments at yards used for new-buildings and dockings
Corruption, bribery on board vessels
Severe breaches of human- and labor rights (including safety incidents) at yards used for new-buildings (e.g., the danger to life 
and health, child labor, forced labor)
Severe breaches of human- and labor rights (including safety incidents) at yards used for dockings (e.g., the danger to life and 
health, child labor, forced labor)
Facilitation payments on board vessels (e.g., port customs)
Low-risk level: As a starting point, no need for further risk mitigation 
Medium risk level: Further risk mitigation actions should be evaluated to reduce the probability for the risk incident to occur 
Substantial risk level: Further risk mitigation actions must be evaluated to reduce the probability for the risk incident to occur
High-risk level: As a general guidance – immediate risk mitigation actions are required to reduce the probability for the risk-incident to 
occur. A strong focus on further strengthening steering and control is requested
ANTI-CORRUPTION AND BUSINESS ETHICS 
 
Golden Ocean is committed to conducting its business 
in an honest and ethical manner, as outlined in our 
Corporate Code of Business Ethics and Conduct (“the 
Code”) and Financial Crime Policy.  
In addition to the sanctions and cybercrime risks, 
we continued to face bribery and corruption risks in 
2022. These risk areas are subject to continued risk-
mitigating actions, such as due diligence on business 
partners, reporting on facilitation payment demands 
to MACN and anti-corruption and bribery clauses in 
contracts. We also provide training to all employees 
and key third parties in identifying potential non-
compliance with such policies, both by e-learning and 
seminars. 
 
Our anti-corruption and money laundering policies 
are modeled after the UK Bribery Act and US Foreign 
Corrupt Practices Act (FCPA). The policies apply to all 
entities controlled by Golden Ocean’s officers, directors, 
and employees, as well as workers and third-party 
consultants, wherever they are located. Assessing and 
monitoring business processes, training and controls 
are fundamental tools in implementing our anti-
corruption policy. 
 
The Code describes our expectations and requirements 
relating to: 
•	 Compliance with laws and regulations
•	 Honest and fair dealing
•	 Conflict of interest and corporate opportunity
•	 Anti-corruption
•	 Confidentiality and privacy
•	 Proper use of company assets
•	 Anti-discrimination and harassment
•	 Integrity of corporate records. 
The Code specifies how violations of the Code are 
managed and obliges employees who observe or become 
aware of a situation they believe to be in violation of 
the Code to promptly notify their manager. As part of 
our Financial Crime Policy and associated compliance 
procedures, appropriate risk-based communication 
TOP COMPLIANCE RISKS IN 2022
8 • 2022 • Environmental Social Governance
GOVERNANCE • 9

As the largest public owner of Capesize vessels in 
the world and a significant player in the Panamax 
segment, we recognize our responsibility to 
manage and limit our environmental impact. The 
main environmental and ecological risks posed 
by the shipping industry are related to emissions, 
discharges and spills. 
 
We work diligently to manage such risks, and our 
efforts are critical for protecting the environment 
and the societies in which we operate as well as 
our customers and our own business. We regularly 
review all identified environmental risks to establish 
appropriate safeguards and mitigate any adverse 
impacts on the environment. 
Our Environmental Policy outlines how we are to 
reduce harmful emissions through the optimal 
operation of vessels, new technologies and diligent 
work with our Ship Energy Efficiency Management 
Plan (SEEMP). Through the Shipman agreement all 
ship managers are required to comply with Golden 
Ocean’s Environmental Policy. 
 
The ship management companies ensure distribution 
of this policy to all relevant parties in their fleets 
and incorporate it in the respective vessel’s Safety 
Management System.  
 
The management systems are annually audited 
in accordance with the International Safety 
Management (ISM) Code, and ISO 9001 and ISO 14001 
where appropriate. 
 
If any breach of the policy occurs, we are committed 
to ensure that an investigation is carried out to 
establish the root causes and corrective actions to 
prevent recurrence.
ACCOUNTING 
METRIC
UNIT OF 
MEASURE
DATA 2020
DATA 2021
DATA 2022
CO2 EMISSIONS
Gross global 
Scope 1 emissions 
Metric tonnes 
(t)CO2-e
1 596 329
1 936 943
1 867 760
Emission efficiency 
gCO2/DWT-nm
Newcastlemax: 2.24 
Capesize: 2.26 
Kamsarmax: 4.32 
Panamax: 4.84 
Ultramax: 4.28
Newcastlemax: 2.24 
Capesize: 2.44 
Kamsarmax: 4.19 
Panamax: 4.62 
Ultramax: 4.44
Newcastlemax: 2.05 
Capesize: 2.26 
Kamsarmax: 3.99 
Panamax: 4.41 
Ultramax: 4.51
EEDI
Average Energy 
Efficiency Design Index 
(EEDI) for new ships
Grammes of CO₂ per 
ton-nautical mile
Not applicable
Kamsarmax: 3.64 
Newcastlemax: 2.21
Not applicable
OTHER EMISSIONS TO AIR
NOx (excluding N2O)
Metric tonnes (t)
39 025
47 769
45 810
SOx
Metric tonnes (t)
4 683
6 183
5 411
Particulate matter 
Metric tonnes (t)
2 595
2 790
2 433 
Environment
and training are provided to employees as part of 
their onboarding and ongoing development. Suspected 
deviations from our policy are to be reported to the line 
manager or to our anonymous whistleblowing platform 
provided by Ethicspoint. The platform is open to 
everyone, including staff, seafarers and those outside of 
our organization. The whistleblowing facility is tested 
quarterly by the Compliance Officer. 
 
We have had zero whistleblowing and zero litigations 
concerning any form of corruption in 2022. 
Golden Ocean values a united voice against corruption 
and has joined MACN for collective action. MACN 
members collaborate with local authorities to develop 
solutions that are beneficial to all parties and are 
realistic to implement. Based on reports from our Ship 
Managers, we report facilitation payment demands to 
MACN every quarter. Any facilitation payments made, 
regardless of value, are investigated in cooperation 
with our Operations Team and Ship Managers. MACN 
also provides ad hoc assistance if required. 
We use Transparency International’s Corruption 
Perception Index (CPI) when assessing and mitigating 
risks our business is facing. Our compliance program 
also includes quarterly reporting on bribery attempts 
or concerns, contractual risk mitigation, third party 
testing, creating awareness and encouraging reporting 
of concerns through Ethicspoint. It also includes 
screening and 24/7 monitoring of business partners and 
beneficial owners in respect of adverse media relating 
to corruption and bribery.  
 
Our integrity due diligence contributes to mitigating 
risks in our supply chain, and we expect our business 
partners to meet our standards. 
Our main target going forward is continuing our efforts 
fighting corruption by ensuring ongoing education of 
employees and key third parties, in addition to taking 
part in best practice discussions with other key players 
in the industry. We aim to have zero monetary losses 
resulting from any form of corruption also in 2023.  
 
 
SYSTEMS FOR SUPPLIER MONITORING 
 
Golden Ocean uses the DowJones RiskCenter platform 
for third party screening and monitoring. All 
employees receive training in using the system for 
onboarding new third parties. The Compliance Officer 
is responsible for screening and ensures the approval 
process is in accordance with our internal policy.  
With a few exceptions, such as Special Purpose Vehicles’ 
and related parties, all third parties are onboarded, 
screened against sanction lists and other official lists 
and monitored on an ongoing basis. The screening 
process is sometimes extended to include searches 
in other online databases, third party Integrity Due 
Diligence reports (Infospectrum) and through external 
legal advice on a case-by-case basis. We conduct checks 
internally once a year towards spend reports from 
accounting, and our auditor conducts spot checks on 
an ad hoc basis. Our company policy provides further 
information on the above process.
ACCOUNTING METRIC
UNIT OF 
MEASURE
DATA 2020
DATA 2021
DATA 2022
CORRUPTION INDEX
Number of calls at ports in countries that 
have the 20 lowest rankings in Transparency 
International’s Corruption Perceptions Index
Number
111
346
155
CORRUPTION
Total amount of monetary losses as a result  
of legal proceedings associated with bribery  
or corruption
Reporting currency
0
0
0
10 • 2022 • Environmental Social Governance
GOVERNANCE / ENVIRONMENT• 11

Based on our 2022 emissions data verified 
by DNV, our owned fleet would achieve an 
overall weighted average carbon intensity 
rating of B under the CII. 
 
Relative to the 2019 base year, we have 
managed to improve the CII values 
for several segments of our fleet. The 
most notable is for our Capesize and 
Newcastlemax vessels, where CII dropped 
6.2% and 12.4% respectively. For our 
Panamax and Kamsarmax vessels the CII 
dropped 2.7% and 1.7%. 
 
Going forward, our efforts are purposefully 
focused on renewing our Ultramax, 
Panamaxand Kamsarmax vessels, as we 
identified that our fleet was performing 
outside the industry CII average within 
these two segments, according to the IMO 
Fourth GHG Study.
CLIMATE CHANGE AND AIR EMISSIONS 
 
The year 2022 bore witness to unprecedented and 
extreme weather conditions, underscoring the pressing 
need to tackle the underlying causes of climate change. 
Despite being 16 times more energy-efficient than other 
transport modes on average1, there is no doubt that 
our industry needs to take decisive action to deliver 
significant emission reduction. This will require close 
collaboration with governments and other stakeholders 
to develop and implement effective policies and 
regulations that incentivise the adoption of low-carbon 
technologies. Meanwhile, investments in research 
and development, infrastructure and alternative fuels 
are critical to driving the necessary innovation and 
facilitating the industry’s transition toward a more 
sustainable future.
Golden Ocean is committed to maintaining one of 
the largest and most modern fleets in the industry 
while making progress towards our aim for net-zero 
emissions by 2050. In the past year, including the 
beginning of 2023, Golden Ocean has sold 11 older 
vessels and acquired six modern Newcastlemax vessels 
to reduce our emission profile. In 2023 and 2024, we 
anticipate receiving ten ECO-type dual-fuel ready 
Kamsarmax newbuildings that will be equipped with 
the latest and most efficient propulsion systems. 
This will give us the flexibility to evaluate propulsion 
options as future emissions-related regulations and 
technology continue to advance.  
In addition to investing in our fleet renewal program, 
we will continue to improve the fuel efficiency of 
our fleet via technical and operational measures, 
ensuring best-in-class performance at a reduced 
carbon footprint. Our long-term focus on maintaining 
a modern, energy-efficient fleet has positioned us well 
to mitigate our risks and capitalise on opportunities 
provided by increasingly stringent environmental laws 
and regulations, as well as customer expectations.  
The International Maritime Organization’s (IMO) 
emissions reduction targets are scheduled to be revised 
at the Marine Environment Protection Committee 
(MEPC 80) session in July 2023. This revision is 
expected to be followed by a wave of regulations, 
including requirements supporting the use of greener 
shipping fuels as well as market-based measures 
putting a price on carbon. In addition, 2023 marks the 
initial reporting year for the Carbon Intensity Indicator 
(CII). The CII determines the annual reduction factor 
needed to ensure continuous improvement of a ship’s 
operational carbon intensity within a specific rating 
level. This rating level, where the threshold will become 
increasingly stringent towards 2030, ranges from 
‘A’ (major superior) to ‘E’ (inferior). The regulation is 
part of the IMO’s response to the shipping industry’s 
omission from the 2015 Paris Agreement.
We are committed to the elimination of emissions at-source and the use of new technologies to reduce our 
impact. In response to IMO’s 0.5% global sulfur cap for marine fuel oils enforced in 2020, Golden Ocean utilizes 
a mix of burning low-sulfur fuel and retrofitting Exhaust Gas Cleaning Systems (EGCS) onboard our fleet.
CASE STUDY: RETROFITTING OF THE GOLDEN MYRTALIA
The Golden Myrtalia was digitalized and retrofitted in 2021 with Mewis duct and Ultra-premium low 
friction paint. The project was carried out in collaboration with one of our charterers, Anglo American, 
in a joint effort to reach common goals and test new technology to reduce emissions.
A calibrated performance model based on original sea trials and records from sister post dry dock show 
significant improvements in CII of 22%.
SIGNIFICANT REDUCTION IN CII FOR CAPESIZE AND NEWCASTLEMAX
PERFORMANCE PROFILE LADEN 10.56 KN 
 BALLAST 11.19 KN
CII
CURRENT PERFORMANCE PRIOR DD
3.113
ANTICIPATED PERFORMANCE AFTER DD
2.406
  2019     
  2022 
CAPESIZE 
6.2% REDUCTION
NEWCASTLEMAX 
12.4% REDUCTION
1 Lindstad, E. et al. (2022). Decarbonizing bulk shipping combining 
ship design and alternative power. Ocean Engineering, 266. https://
doi.org/10.1016/j.oceaneng.2022.112798
CAPESIZE
NEWCASTLEMAX
1.5
2
2.5
12 • 2022 • Environmental Social Governance
ENVIRONMENT • 13

GOLDEN OCEAN’S DECARBONIZATION TOOLBOX
 
Golden Ocean’s fleet is equipped with various energy-saving technologies and, in 2022, we updated our 
decarbonization toolbox to provide an accurate picture of our progress when it comes to implementing  
various measures. The technologies used are divided into four main categories:
TECHNICAL 
EFFICIENCY
FUTURE 
PROPULSION
OPERATIONAL 
EFFICIENCY 
BUSINESS 
STRATEGY 
EFFICIENCY
Golden Ocean has extensive experience in handling new vessel 
construction. This experience has enabled us to implement energy-
saving technologies fleet-wide, including modern hull designs, pre-swirl 
ducts, propeller optimization and LED lighting. 
The future of ship propulsion is moving towards alternative fuels, 
assisted propulsion and onboard carbon capture. At Golden Ocean we 
are actively working with regulators and vendors to identify the most 
suitable long-term solutions, and during the next 24 months we expect 
the delivery of ten dual-fuel ready ECO-Kamsarmax newbuildings with 
the latest and most efficient propulsion systems.
Operational measures, such as hull cleaning, propellor polishing and 
weather routing, are fully implemented across our fleet. These are cost-
effective measures that can result in significant fuel savings, making 
them a win-win solution that reduces both emissions and fuel costs. To 
promote cooperation and faster decision-making, we utilize real-time 
data sharing to make sure that both ship and shore have a common 
operational picture.
We continuously focus on strategies such as crew training, just-in-
time arrival and speed adjustments to optimize the efficiency and 
performance of our fleet.
We will continue to develop our strategy, as building a competitive and 
greener fleet is key to protecting Golden Ocean’s position as a leading  
dry bulk company. 
Our strategy puts us in an optimal position to make 
operational and strategic decisions based on verified 
data, and we are already experiencing compelling 
benefits, such as 
 
•	 Lower overall costs 
•	 Being better positioned toward our charter market 
•	 Being better positioned toward cargo owners and 
	
end-consumers
•	 A more carbon-robust fleet with lower emissions
•	 Future-proofing compliance with upcoming 
	
regulations
As of 2022, the project has delivered:
FULLY DIGITALIZED SHIP PERFORMANCE AND EMISSION DATA: 
Our digital monitoring platform enables live tracking 
of each vessel’s emissions and energy consumption. It is 
an important tool to closely monitor, manage and report 
on ESG-related KPIs as well as our performance against 
regulations. Golden Ocean’s performance and emissions 
data are online and hence guided figures for main KPIs 
such as CII, EEOI and CO2, can be provided instantly. 
DNV is our selected vendor for verification. 
 
EEXI ROADMAPS FOR 2023: 
Golden Ocean has established roadmaps for compliance 
with IMO’s Energy Efficiency Existing Ship Index 
(EEXI). 
 
 
 
 
CII ROADMAPS FOR EACH VESSEL: 
A ten-year Carbon Intensity Indicator (CII) roadmap is 
established for each of our vessels. We have identified 
the technologies needed and quantified the required 
investments. Building upon these roadmaps, Golden 
Ocean has established a CII predictor that is updated in 
real-time. Consequently, these roadmaps have given us 
a solid understanding of how to optimize our operations 
more efficiently and sustainably.
EU ETS READINESS: 
In December 2022, the EU’s legislative bodies reached 
a preliminary agreement to include maritime 
transportation in the EU’s Emission Trading System 
(EU ETS) from 2024 onwards. Golden Ocean’s modern 
fleet has an average age of 6.5 years. Consequently,  
we expect to be in an advantageous position with 
regards to the EU ETS: Emitting fewer metric tons 
of CO2 per transported work than many of our peers, 
equals buying less EU emission allowances than  
higher emitters. 
EDGE COMPUTING: 
Golden Ocean is continuously investing in Edge 
computing, obtaining digital twins for all vessels 
entering our fleet. High frequent data increases our 
ability to identify future hazards and to take timely 
and qualitative actions, maintaining our position as a 
premium operator. 
DECARBONIZATION JOURNEY TOWARDS 2030-2050 
 
In 2020, we initiated our “Decarbonization journey towards 2030-2050”. The purpose of this strategy is to 
provide us with a solid understanding of how to further optimize our fleet and operations in a cost-efficient and 
sustainable way using a holistic and systematic approach.
ENVIRONMENT • 15 
14 • 2022 • Environmental Social Governance

CLIMATE-RELATED RISKS 
 
GOVERNANCE: Our BoD and management actively 
assess climate-related risks and opportunities. Our 
decarbonization strategy, launched in 2020, is actively 
reviewed, assessed and approved by the BoD. We also 
review fleet divestments and investments as part of 
our overall strategy to reduce fuel consumption and 
associated emissions.
STRATEGY: Since 2020, Golden Ocean has incorporated 
decarbonization as an integral part of its business 
strategy. Our aim is to own and operate a modern and 
fuel-efficient fleet that has a low-carbon footprint. We 
are committed to achieving the IMO 2030 targets as a 
minimum threshold. Decarbonization is not only the 
right thing to do for the environment, but it is also a 
sound business decision. As regulations and customer 
expectations surrounding decarbonization increase, we 
aim to reduce our emissions and CII by 15% by 2026 and 
30% by 2030 (compared to 2019 levels) and ultimately 
reach net-zero emissions by 2050.
Decarbonization aligns with our business objectives 
and presents several financial incentives. Operating 
a more energy-efficient fleet makes our vessels more 
attractive in the market, leading to higher profits 
per vessel. It also means that we are less impacted by 
carbon taxes. Furthermore, having a low-emissions 
fleet will give us a competitive advantage, as customers 
are becoming increasingly aware of the impact of 
carbon emissions on costs. A low-emissions fleet 
provides us with greater flexibility in vessel speed, 
given that a speed limit, in our view, is more likely to be 
introduced as a carbon limit per ton-mile.
RISK: Fuel prices are subject to fluctuations that 
could pose risks to our future profitability. To mitigate 
this risk, we are prioritizing efficiency measures 
that will optimize our fleet operations and increase 
its performance in the long-run.We are also carefully 
evaluating investment/disinvestment plans as means 
to mitigate this risk. Our proactive attention to 
this issue has afforded Golden Ocean a comparative 
advantage relative to its peers.
Currently, 8-10% of our cargo is coal. While the world 
is shifting towards cleaner energy sources, we are 
less exposed to the negative effects of this transition 
because coal does not represent a significant portion of 
our income. However, we do expect the seaborne volume 
of coal to increase due to consumption in countries like 
India and China. This trend may offset any potential 
negative impact on our business from the overall shift 
from coal.
 
At Golden Ocean, we understand the importance 
of climate-related risks and actively participate in 
discussions on this topic in various forums. We hold 
regular management meetings, engage with our 
technical department, and participate in the ESG forum 
to stay informed and proactively manage our climate-
related risks.
TARGETS AND METRICS: Golden Ocean acknowledges 
the IMO’s initial GHG strategy, which aims to reduce 
CO2 emissions per transport work by at least 40% 
by 2030 (compared to 2008 levels). We acknowledge 
that this strategy is insufficient to meet the targets 
outlined in the 2015 Paris Agreement. As a result, we 
have established our own objectives, with the aim of 
achieving a 15% reduction in CII by 2026 and a 30% 
reduction by 2030, relative to 2019 levels. In addition, 
we are committed to achieving net-zero emissions  
by 2050. 
Since 2018, Golden Ocean has disclosed its Scope 
1 (financial control approach) and Scope 2 GHG 
Emissions annually. Recently, we have also begun 
monitoring Scope 3 emissions. Our Scope 1 emissions 
represent our material carbon footprint. In addition,  
we use emission intensity metrics, such as CII and EEOI, 
to measure our progress in reducing emissions.
AREA
ATTAINABLE 
EFFICIENCY 
GAINS
TECHNOLOGY
GOLDEN OCEAN’S DECARBONIZATION TOOLBOX
Hull & Propeller 
 
Engines
 
Additional 
power  
generation 
 
Aux power 
demand 
 
Boiler systems
 Waste heat recovery  
 Shaft generator 
 Solar power 
 Shore power
  Fleet wide implemented      
  Partially implemented      
  Pilot stage
 Hybridization
 Engine de-rating
 Engine tuning
 Shaft motor (PTO)
 Variable freq. drive 
 LED lighting
 HVAC systems
 Exhaust gass cleaning
 Sails
 Rotor sails
 Kites
 Hull maintenance
 Propellor polishing
 Weather routing
 Trim & Draft optimization
 Engine load optimization
 Rudder use optimization
 Edge computing
 AI assistance
 Crew training
 Overall trade slow down
 Virtual port queue
 Just in time arrival 
 Triangulation
 Dual fuel LNG/LPG 
 Biofuels
 Ammonia
 Methanol
 Hydrogen
 Hull form optimization
 Hull coating  
 Air cavity lubrication 
 Hull retrofit (bulb) 
 Propeller optimization
 Propulsion improvement devices
Onboard 
carbon capture 
 
Assisted 
propulsion
 
Alternative 
fuels
Underwater 
operations 
 
Voyage  
planning  
& execution
Crew  
engagement
 
Speed reduction 
 
Cargo 
utilization 
optimization
1-5%
10-100%
1-15%
1-25%
 Steam plant operation 
 Exhaust gas boiler
 Cargo systems
TECHNICAL 
EFFICIENCY 
FUTURE 
PROPULSION 
OPERATIONAL 
EFFICIENCY 
BUSINESS  
STRATEGY 
EFFICIENCY 
16 • 2022 • Environmental Social Governance
ENVIRONMENT • 17

Social
Golden Ocean’s ambition is to ensure a safe and 
diverse place to work, that human rights are 
respected, that all workers have decent working 
conditions and to improve the wellbeing of all our 
employees. Our actions are guided by industry and 
international standards in line with what is expected 
by our key stakeholders. 
In this section, we explain how we are meeting our 
strategic commitments to health and safety, human 
rights and labor rights protection, diversity and 
inclusion and human capital development. 
 
 
HEALTH AND SAFETY 
At Golden Ocean, our number one priority is the health, 
safety and well-being of our people, both at sea and 
onshore. We value diversity and cultural differences 
and aim to have an inclusive workplace that provides 
equal opportunities for all employees regardless of sex, 
religion, skin color, sexual orientation or disability. The 
health, safety and general welfare of the crew is a top 
priority, and we have implemented several measures 
in this regard, not only towards requirements to ship 
managers, but also when it comes to crew training and 
the facilities onboard our vessels. 
Through our involvement with the Neptune 
Declaration, we have supported our ship managers 
with the implementation of well-being initiatives and 
have ensured that all seafarers have access to mental 
health support. For instance, during the pandemic, we 
rolled out a well-being app that provides our seafarers 
with a private connection to a psychologist through 
their own personal devices. In addition, the app uses 
AI, games and nudge techniques to gauge a person’s 
mood and improve their mental health. The platform 
allows us to monitor weak signals and act proactively 
to support crew and strengthen safety. In 2022, new 
content was introduced – and officers onboard our ships 
have received a session run by a psychologist on mental 
health awareness.
Given the safety and security risks connected to 
operations at sea, these must always be managed 
carefully to safeguard crew, vessels, cargo and the 
environment. Our company has a zero-accident 
ambition and operates according to the principle 
that no serious injury or environmental incident 
is acceptable. All work tasks at Golden Ocean are 
evaluated in terms of the hazards inherent to the 
job, prior to the work itself being undertaken. Work 
is planned on a monthly, weekly and daily basis with 
an evaluation of the relevant hazards, indicating 
where risk assessments should be developed to fully 
explore the risks and apply the hierarchy of controls 
to eliminate hazards and reduce risks. For work 
considered particularly hazardous, such as enclosed 
entry or work from heights, a “permit to work” system 
ensures that the work planned, and the risk assessment 
developed is reviewed by relevant personnel from 
the HSEQ and the Technical department onshore. 
Together the safety management system and predictive 
maintenance system ensure that routine work is 
planned in advance to allow due attention to the 
hazards and risks inherent in the work offshore. 
Golden Ocean ensures that key systems, such as the 
safety management system, are audited at a minimum 
on an annual basis by independent auditors. In 
addition, individual vessels are inspected at regular 
intervals by Port State Control (PSC) inspectors and 
by our customers. A Rightship inspection is conducted 
when dealing with dry bulk vessels. Our Technical 
department, through the HSEQ function, also performs 
audits on an annual basis. 
Crew and personnel onshore can report a range of 
work-related hazards or hazardous situations through 
near-miss reporting and unsafe acts reporting systems. 
We recognize that fear of reprisals may hinder some 
people from raising concerns and therefore we have 
a Stop Work Policy where it is made clear that any 
person may stop work if they deem the work unsafe. In 
addition, we promote a culture of “learner mindsets” 
where mistakes are seen as opportunities to learn and 
develop. Our crew has a direct reporting line to the 
Designated Person Ashore (DPA) and an anonymous 
whistleblowing hotline, that allows them to report on 
any circumstance that gives rise to concern. The DPA 
has regular one-to-one meetings with the CEO.
Work-related incidents are investigated using robust 
accident investigation techniques and include 
methods appropriate to the incident, such as technical 
examinations and interviews of staff along with 
recreating the accident trajectory. Reporting follows 
DNV’s Marine Systematic Cause Analysis Technique 
and data is captured in an incident reporting system 
which allows for analysis of the root causes of the 
incident. Corrective actions are identified and 
tracked until implemented. The incident reporting 
system allows analysis of incident trends and aims to 
strengthen barriers to avoid similar incidents from 
taking place in the future. Our document control 
SPILLS, DISCHARGES AND 
ECOLOGICAL IMPACTS 
 
Emissions, discharges and potential spills present 
environmental risks, as well as reputational and 
operating risks for Golden Ocean. We recognize our 
responsibility to safeguard the environment and give 
great prominence to improving our environmental 
performance and protecting biodiversity. 
 
Marine transportation is associated with risks to 
the surrounding environment with negative impacts 
on biodiversity. These impacts are related to ship 
pollution, collisions, noise, grounding and anchor 
damage and transportation of invasive species. 
 
Our ambition is to always take a precautionary 
approach to the risk of negative impact on the 
environment and loss of biodiversity. Early in 2022, 
we established a Biodiversity Policy, which has been 
approved by the BoD and applies to all employees, 
suppliers and contractors. Our focus areas are: 
 
•	 Ensure all vessels operate in accordance with 
	
all relevant local, national and international laws 
	
relevant to environmental protection and 
	
biodiversity.
•	 Prevent all forms of pollution (chemicals, oil,  
	
plastics and waste) 
•	 Raise the environmental consciousness of our 
	
employees and business partners 
•	 Ensure we use the best available technology to 
	
reduce the loss of biodiversity, including Ballast 
	
Water Treatment Systems and Anti-fouling 
	
systems, to minimize the introduction or growth 
	
of invasive species. 
 
Our Biofouling Management Plan on each vessel 
ensures frequent and efficient anti-fouling and 
cleaning routines. These plans are in accordance with 
IMO’s Biofouling Guidelines and periodically reviewed 
and updated to align with best practice. Proper 
management of ships’ biofouling is not only beneficial 
to prevent the spread of invasive species but will also 
reduce underwater resistance, and consequently, our 
GHG emissions.  
 
Golden Ocean is aware that the larger volumes of oil 
spills have serious and long-lasting negative impacts 
on ecosystems. Incidents may cause the degradation of 
ecosystems, grave injuries, or fatalities.  Golden Ocean 
experienced zero oil spills or other types of releases to 
the environment in 2022. If an incident related to spills 
were to occur, our ship managers are obliged to notify 
us without delay and follow up with a situation report. A 
full investigation report is then to be submitted no later 
than 14 days after the incident has taken place. 
 
Whilst ballast water is essential for shipping 
operations, it may also represent serious ecological, 
economic and health risks, as ships become a vector 
for the transfer of organisms between ecosystems.  
Through the International Convention for the Control 
and Management of Ships’ Ballast Water and Sediments 
(BWM Convention), the IMO has imposed guidelines for 
ballast water management specifying the maximum 
amount of viable organisms allowed to be discharged 
from a vessel’s ballast water.  Golden Ocean has 
invested in Ballast Water Treatment Systems on all 
new ships delivered from 2014 onwards, accounting for 
more than 95% of our fleet. 
 
Unsafe waste management and disposal from ships 
can readily lead to adverse environmental and health 
consequences. The prevention of pollution by waste 
from ships is regulated by the International Convention 
for the Prevention of Pollution from Ships (MARPOL) 
Annex V, which prohibits the discharge of most waste 
into the ocean.
Going forward we intend to develop a baseline from 
our 2022 waste figures and to reduce 2023 figures by 
3% against that baseline. From there, we will consider 
whether the 3% reduction was ambitious enough and set 
a new target for 2024 and the following five years, with 
an aim to halve our waste disposal by 2029. 
 
Ships contain hazardous materials and ship recycling 
must therefore be performed according to strict 
standards to protect human health, safety and the 
environment.   Golden Ocean endeavors to comply with 
all applicable legislation in respect of the recycling of 
its end-of-life vessels where relevant, such as The Basel 
Convention, the United Nations Convention on the 
Law of the Sea, The EU Waste Shipments Regulations, 
MARPOL and the European Ship Recycling Regulation. 
Even though the Hong Kong Convention is not yet in 
force, Golden Ocean intends to voluntarily comply with 
the Convention where possible. This regulation aims to 
ensure that ships, when recycled after reaching the end 
of their operational lives, do not pose a risk to the safety 
of workers or to the environment.
Golden Ocean has a Ship Recycling Policy to make 
sure that any future recycling of our ships may only 
take place at an approved yard compliant with the 
Hong Kong Convention and that our MOAs with cash 
buyers include a compliance warranty. This policy is 
reviewed and updated periodically to reflect changes 
in legislation and ongoing learning and good practice. 
We always assess the risk of recycling when selling any 
vessel. With that in mind we include adequate clauses 
pertaining to further trading and ship recycling in the 
contract for sale. Any recycling must be conducted in an 
ethical, safe and environmentally friendly manner, in 
line with the ten principles of the UN Global Compact.  
18 • 2022 • Environmental Social Governance
SOCIAL • 19

ACCOUNTING METRIC
UNIT OF MEASURE
DATA 2020
DATA 2021
DATA 2022
LOST TIME INCIDENT RATE
Lost time incident rate (LTIR)
Rate
1.3
0.19
0.29
MARINE CASUALTIES
Incidents
Number
1
0
0
Very serious marine casualties
Percentage (%)
0
0
0
system ensures that lessons learned, whether from an 
incident or best practice observed in handling routine 
or non-routine work, are shared across the fleet. 
We are ambitious in developing core data analytics 
capabilities where having a solid data foundation is 
key. Our reporting systems form part of this foundation 
and are intended to be built with artificial intelligence 
capabilities in due course. 
 
 
HUMAN RIGHTS 
 
Golden Ocean is fully committed to respecting 
fundamental human rights and human rights due 
diligence in our business operations and value chain. 
We recognise the rights set out in the UN International 
Bill of Human Rights and International Labor 
Organization’s (ILO) Core Conventions on Fundamental 
Principles and Rights at Work, and we act in accordance 
with the UN Guiding Principles for Business and Human 
Rights (UNGPs), the OECD Guidelines for Multinational 
Enterprises and national laws, such as the Norwegian 
Transparency Act.
In 2022, Golden Ocean carried out a Human Rights Risk 
Assessment in accordance with the requirements of 
the newly implemented Norwegian Transparency Act. 
Norwegian law firm Wiersholm was contracted to carry 
out the assessment and gap-analysis of our operations 
and assess what adverse impact risks they might have 
on human rights and decent working conditions.  
We conducted an overall human rights risk analysis 
of the Group’s business operations and value chain 
in accordance with the steps of the UNGPs and the 
Transparency Act. The purpose of the analysis was to 
map and better understand the human rights risks we 
are facing, and to determine the need for further follow-
up measures in addition to general measures already 
implemented, such as revising our Code of Conduct and 
further strengthening our focus on human rights in our 
risk assessments and business partner screenings. 
The analysis enabled us to distinguish three prioritized 
human rights risk areas going forward, which are:
•	 Shipbuilding, ship repairs and dry-docking
•	 Sale of ships and ship recycling 
•	 Crew
 
SHIPBUILDING,  
SHIP REPAIRS AND 
DRY-DOCKING 
Shipbuilding and repairs are labor-intensive activities that 
may concern a series of human and labor rights issues, both 
when it comes to risks of accidents and injuries, and when it 
comes to risks of worker exploitation. As part of our general 
compliance program, compliance testing and screening of 
current and potential business partners are carried out. Our 
screening includes the use of concrete follow-up measures for 
improvements toward business partners and highlights where 
it is preferable to terminate business relationships.
The risks related to the sale of ships and ship recycling mainly 
relate to the risk of ships ending up in a process of ”beaching” 
or an informal shipbreaking process, involving risks related 
to workers as well as local communities and the environment. 
Although the modernity of our fleet makes ship recycling less 
probable, it is to be noted that any form of ship recycling, also a 
formalised process, is a labor-intensive activity that warrants 
specific attention to human and labor rights risks. The risks 
will be similar to the ones associated with shipbuilding, and if 
relevant, we will apply the same type of measures to prevent and 
mitigate any risks.
There are several human and labor rights risks related to 
seafaring. The working environment on a ship, with extended 
periods offshore, can create limited oversight and weak law 
enforcement, which increase the risks of worker exploitation. 
This can take the form of excessive working hours, poor wage 
levels and risks of modern slavery. To address such risks, 
we select our ship managers carefully through thorough 
due diligence and assessment. This means that crewing and 
ship management are outsourced to leading third-party ship 
management companies, who are supervised, closely monitored 
and assessed throughout our business relationship. We further 
encourage, expect and require all ship managers to comply  
with our standards of business ethics, human rights and  
labor standards.
SALE OF SHIPS AND 
SHIP RECYCLING 
CREW 
This risk prioritization detailed on page 21 does not 
in any way entail that we will not continuously assess 
and manage other risk areas, such as procurement, 
but these are the three areas we will give extra focus to 
going forward in our human rights work. 
 
We strive to ensure that our business partners and 
suppliers share our human rights commitment and 
standards. We also conduct compliance testing of a 
selection of our business partners with the purpose of 
identifying and mitigating compliance risks, including 
human rights risks. 
Focusing on the importance of openness, we urge 
employees and third parties to speak out about 
concerns or report suspected misconduct or 
violations of our Code of Conduct through our external 
whistleblowing channel. As a member of MACN, we 
report facilitation payment demands every quarter 
to help defeat corruption, as we view its presence as 
weakening the overall protection of human rights. 
The training we offer employees and management 
(including at the BoD level) aims to build competence 
and knowledge amongst of our employees on a wide 
range of compliance matters, including human and 
labor rights. We aim to provide training on human 
rights issues to 100% of our employees. 
To further ensure that human rights are not violated, 
we include audit rights and termination clauses in our 
contracts with business partners. In doing so, we aim 
to provide regular and randomised book audits (incl. 
assessment of wages and working hours), announced 
and unannounced on-site visits, inspections and 
interviews with the crew. This comes in addition to 
formalised annual meetings with all ship managers. 
We aim to include human rights clauses in 100% of 
contracts where relevant. 
 
 
LABOR RIGHTS AND DECENT  
WORKING CONDITIONS  
 
We seek to ensure that our employees, onshore and 
offshore, are working under conditions that meet 
the requirements set out in the International Labor 
Conventions and the Maritime Labor Convention.  
HUMAN RIGHTS RISK AREAS
20 • 2022 • Environmental Social Governance
SOCIAL • 21

As part of safeguarding seafarers’ labor rights, these 
conventions include the right to collective bargaining, 
and that no employee is discriminated against. The 
PSC and the OCIMF Ship Inspection Report Programme 
(SIRE) are implemented, ensuring that applicable labor 
rights are being complied with. 
Golden Ocean does not have a direct contractual 
relationship with our seafarers. This means that we do 
not enter into collective bargaining agreements with 
seafarers, although we require our ship managers to 
comply with the requirements of the International 
Transport Workers’ Federation. We conduct screening 
and monitoring of our business partners, and we 
monitor our fleet, pursuant to internal procedures, 
such as our Know Your Business Partner Policy, to 
ensure compliance with our ethical standards in all 
business relations, including human and labor rights. 
 
 
DIVERSITY, INCLUSION AND 
HUMAN CAPITAL
Golden Ocean prohibits discrimination against any 
employee, or any other person based on sex, race, 
color, age, religion, sexual orientation, marital status, 
national origin, disability, ancestry, political opinion, 
or any other basis. The Company prohibits harassment 
and employees are expected to treat all persons with 
respect. Golden Ocean is an international company that 
values diversity and cultural differences. Our offshore 
employees come from across the world, with the main 
nationalities being Indian and Filipino. While our 
Appendix
SUSTAINABILITY ACCOUNTING STANDARD DISCLOSURES
TOPIC
ACCOUNTING 
METRIC
UNIT OF 
MEASURE
2020
2021
2022
SASB 
CODE
Greenhouse 
gas 
emissions
 CO2 EMISSIONS
Gross global Scope 1 
emissions: Financial 
control a
Metric tons (t) CO2-e
1 596 329
1 936 521
1 867 760
TR-MT-
110a.1
Discussions of long-
term and short-term 
strategy or plan 
to manage Scope 1 
emissions, emission 
reduction targets, 
and an analysis of 
performance against 
those targets
Qualitative 
description
See page 12-16 in this report
TR-MT-
110a.2
Indirect emissions: 
Scope 2, purchased 
electricity b
Metric tons (t) CO2-e
41
50
Location based: 0.4
Marked based: 29.2
Additional 
Indirect emissions: 
Scope 3, business travel b
Metric tons (t) CO2-e
Not reported
Not reported
25.8
Additional
ENERGY CONSUMED
Total energy consumed
Gigajoules (GJ)
21 159 615
25 238 761
21 483 634
TR-MT-
110a.3
Percentage of 
energy from heavy 
fuel (%)
24
36
56
TR-MT-
110a.3
Energy from 
renewable/low- 
carbon sources in 
Gigajoules (GJ)
Not reported
Not reported
96 843
TR-MT-
110a.3
EEDI
Average Energy 
Efficiency Design Index 
(EEDI) for new ships c
Grams of CO2e per  
ton-nautical mil
Not applicable
Kamsarmax: 3.64 
Newcastlemax: 2.21
Not applicable
TR-MT-
110a.4
CII
Carbon Intensity 
Indicator (CII): 
weighted average
Grams of CO2e per 
ton-nautical mile
Newcastlemax: 2.24
Capesize: 2.26
Kamsarmax: 4.32
Panamax: 4.84
Ultramax: 4.28
Newcastlemax: 2.24
Capesize: 2.44
Kamsarmax: 4.19
Panamax: 4.62
Ultramax: 4.44
Newcastlemax: 2.05
Capesize: 2.26
Kamsarmax: 3.99
Panamax: 4.41
Ultramax: 4.51
Additional
Air Quality
OTHER EMISSIONS TO AIR
NOx (excluding N20) d
Metric tons
39 025
47 769
45 810
TR-MT-
120a.1
SOx d
Metric tons
4 683
6 183
5 411
Particulate matter d
Metric tons
2 595
2 790
2 433
Ecological 
impacts
MARINE PROTECTED AREAS
Shipping duration in 
marine protected areas 
or areas of protected 
conservation status e
Number of travel 
days
323
347
490
TR-MT-
160a.1
IMPLEMENTED BALLAST WATER
Exchange f
Percentage (%)
32%
19%
5%
TR-MT-
160a.2
Treatment f
Percentage (%)
68%
81%
95%
TR-MT-
160a.2
SPILLS AND RELEASES TO THE ENVIRONMENT
Incidents
Number g
1
0
0
TR-MT-
160a.3
Aggregate volume g
Cubic meters (m3)
0.015
0
0
TR-MT-
160a.3
offshore employees are predominantly male, 34.15% of 
our onshore employees are female.
Our success is built on the ability, determination and 
dedication of our staff, both onshore and at sea. We 
recognize the value of our staff and try to promote 
from within wherever possible. Employees are 
encouraged to identify training needs through their 
development plan. To assist with this, we provide 
several opportunities for employees to develop their 
skills and careers. This includes training in skills to 
improve interpersonal competence such as leadership 
development and communication training – and 
technical skills relevant to the execution of their work, 
such as Electronic Chart Display and Information 
System (ECDIS) training or specific training courses 
for technical machinery.
E-learning is carried out when staff is onboarded on 
 an annual basis. We have also integrated aspects 
within this training connected to GDPR and data 
protection. In-person training is also carried out in 
all our offices either once per year or bi-annually. In 
addition, we have several webinars throughout the 
year made available to all employees, such as Dow Jones 
RiskCenter training. In 2022, 100% of our employees 
and management team completed our e-learning, 
including watching a mandatory webinar held by the 
law firm Wiersholm about insider trading. The coming 
year, Golden Ocean will introduce a “Compliance 
Awareness Week” to increase awareness and to 
continue to improve our e-learning and face-to-face 
training sessions.
22 • 2022 • Environmental Social Governance
APPENDIX • 23

TOPIC
ACCOUNTING METRIC
UNIT OF 
MEASURE
2020
2021
2022
SASB 
CODE
Business 
ethics
CORRUPTION INDEX
Number of calls at ports 
in countries that have 
the 20 lowest rankings 
in Transparency 
International’s 
Corruption Perceptions 
Index h
Number
111
346
155
TR-MT- 
510a.1
CORRUPTION
Total amount of monetary 
losses as a result of 
legal proceedings 
associated with bribery or 
corruption
Reporting 
currency
0
0
0
TR-MT-
510a.2
FINES AND SANCTIONS
Number of fines and total 
monetary value of fines
Number and 
reporting 
currency
0
0
0
Additional
Non-monetary sanctions 
for non-compliance with 
laws and/or regulations
Number
0
0
0
Additional
Employee 
health and 
safety 
LOST TIME INCIDENT
Lost time incident rate 
(LTIR) i
Rate
1.30
0.19
0.29
TR-MT-
320a.1
Accident 
& Safety 
Management
MARINE CASULATIES
Incidents j
Number
1
0
0
TR-MT-
540a.1
Very serious marine 
casualties k
Percentage
0
0
0
TR-MT-
540a.1
CONDITIONS OF CLASS
Condition of class or 
Recommendations m
Number
0
0
0
TR-MT-
540a.2
PORT STATE CONTROL
Deficiencies l
Rate
1.16
0.85
0.97
TR-MT-
540a.3
Detentions l
Number
4
0
1
TR-MT-
540a.3
DISCLAIMER AND ASSUMPTIONS FOR THE SASB REPORTING 
The information provided is based on the best data 
available at the time of reporting. The ESG disclosures 
should be used to understand the overall risk 
management of sustainability related issues, however, 
in some areas data are based on estimates, please see 
comments below.
a CO2-emissions – scope 1: Based on IMO emission factors. 
The “financial control” approach defined by the GHG 
Protocol has been applied. Scope 1: all vessels, based on fuel 
consumption for the year. 
b Indirect CO2 emissions: Scope 2 is based on electricity 
consumption in reporting year and calculated using the AIB 
Residual Mixes 2021 conversion factors (location based and 
market based). Scope 3 is based on business travel in the 
reporting year, figures provided by travel agent. A further 
mapping of Scope 3 emissions will be considered in 2023 
c Average Energy Efficiency Design Index (EEDI) for 
new ships: New ships average EEDI is based on new ships 
entering the fleet in 2022 (keel laid after July 2013). 
d Particulate matter (PM), NOx, SOx emissions (Metric 
tonnes): The methodology has been developed with support 
from DNV, based on IMO factors. 
e Shipping duration in marine protected areas or areas of 
protected conservation status: A marine protected area is 
not as defined by the International Union for Conservation 
of Nature (IUCN). However, the reported number does 
not necessarily include all Marine protected areas 
internationally established and regulated in International 
the Marine Organization (IMO) Conventions and areas 
established nationally by member states. Shipping duration 
is the sum of the travel days (24-hour periods). 
f Percentage of fleet implementing ballast water exchange 
and treatment: Only ships performing ballast water 
exchange with an efficiency of at least 95% volumetric 
exchange of ballast water have been included. When it 
comes to treatment, approved systems must discharge 
(a) less than 10 viable organisms per cubic meter that 
are greater than or equal to 50 micrometres in minimum 
dimension and (b) less than 10 viable organisms per 
millilitre that are less than 50 micrometres in minimum 
dimension and greater than or equal to 10 micrometres in 
minimum dimension. 
g Spills and releases to the environment (Number, 
Cubic meters (m 3)): The total number of oil spills to the 
environment (overboard), excluding contained spills. 
h Number of calls at ports in countries that have the 
20 lowest rankings in Transparency International’s 
Corruption Perceptions Index (CPI): In the event that two 
or more countries share the 20th lowest ranking, all have 
been included in the scope of disclosure. The list is based on 
the CPI for 2022. 
i Lost time incident rate (LTIR): A lost time incident is 
an incident that results in absence from work beyond the 
date or shift when it occurred. Lost time incidents are 
Fatalities, Permanent Total Disabilities, Permanent Partial 
Disabilities and Lost Workday Cases. The rate is based on 
lost time incidents / 1,000,000 hours worked.
 
j Marine Casualties: Regarding SASB TR-MT-540a.1, the 
reporting is in accordance with the standard, however 
injuries to personnel as described in section 1.1.1 are 
reported as part of Health & Safety statistics (LTIR). The 
threshold for reporting on material damages as outlined 
in 1.1.4 and 1.1.6 is defined as USD 1,000,000. Section 
1.1.7 “Severe damage to the environment” is reported 
under ‘Ecological Impacts’ and/or “Very serious marine 
casualties”. Incidents concerned with oil spills, re SASB 
1.1.7 “Severe damage to the environment” is covered under 
“ecological impact”. For an event to be reported as a marine 
casualty, one or several out of the below criteria must 
be true: (1) the loss of a person from a ship, (2) the loss, 
presumed loss, or abandonment of a ship, (3) the stranding 
or disabling of a ship that triggered a Lloyds Open Form 
Salvage or the involvement of a ship in a collision that 
would seriously endanger the safety of life or property, or 
(4) material damage to marine infrastructure external to 
a ship, that could seriously endanger the safety of the ship, 
another ship or an individual. 
k Very Serious Marine Casualties: A marine casualty 
involving the total loss of the ship, a death, or severe 
damage to the environment that is not related to oil spill. 
Any deaths shall be reported. If the death is decisively 
concluded not to have anything to do with a marine (very 
serious) casualty such as latent and unknown illness shall 
be addressed separately for a case-by-case discussion. 
Severe damage to the environment that is not related to oil 
spill is covered by “Very serious marine casualties”. 
l Port State Control: Number of port state control 
deficiencies (1) and detentions (2). Practices of port 
state controls reporting on deficiencies do not follow an 
entirely harmonised methodology making it less useful for 
reporting purposes without further explanations, hence 
we have chosen to report this number as a rate: number of 
deficiencies per Port State Control Inspection. Detentions 
are reported in number of actual cases. The figure 
represents number of detentions received from regional 
PSC organizations. 
m Number of Conditions of Class or Recommendations: 
Those conditions/recommendations of class that has 
led to withdrawal of vessel certificates of otherwise has 
invalidated the ship’s compliance are included in this 
figure.
n Number of shipboard personnel: Only the number 
of employees on board ships at any time are recorded, 
this does not reflect the aggregate number of shipboard 
employees during the year. 
o Total distance travelled by vessels: The distance (in 
nautical miles) travelled by all vessels during the reporting 
period. 
p Operating days: Total operating days, i.e. total number 
of vessel-days for active vessels during the reporting 
year. Active vessels are referring to vessels which were in 
possession of the shipowner during the reporting year. 
q Number of assets in fleet: Reported number of owned 
during the reporting year. 
r Number of vessels port calls: Total number of port calls 
during the reporting period.
SUSTAINABILITY ACCOUNTING STANDARD DISCLOSURES (CONT.)
Golden Ocean prepared this report with assistance from Position Green Advisory
Diversity
DIVERSITY 
Onshore employees  
by gender 
Number
Female: 12 
Male: 25 
Total: 37
Female: 15 
Male: 27 
Total: 42 
Female: 14
Male: 27
Total: 41 
Additional
Onshore employees  
by age group 
 Number
Under 30 yrs old: 3 
30-50 yrs old: 26 
Over 50 yrs old: 8 
Under 30 yrs old: 4 
30-50 yrs old: 26 
Over 50 yrs old: 12 
Under 30 yrs old: 3 
30-50 yrs old: 28
Over 50 yrs old:  10
Additional
Individuals in the 
organization’s 
governance bodies  
by gender 
Number
Not reported
Female: 0 
Male: 7
Female: 0  
Male: 5
Additional
24 • 2022 • Environmental Social Governance
APPENDIX • 25

GRI STANDARD 
DISCLOSURE
LOCATION
GRI 2: GENERAL DISCLOSURES 2021
 2-1
Organizational details 
Page 2; Page 28. The Company’s 
Headquarter is in Bermuda. 
2-2
Entities included in the organization’s sustainability reporting 
Pp. 2-3. Please also see the 2022 
Annual report. 
2-3
Reporting period, frequency and contact point 
Page 3; Page 28. The Annual ESG 
report published on [date] 
2-4
Restatements of information 
There were no restatements of 
information made in the reporting 
period. 
2-5
External assurance
Partial assurance – Scope 1 CO2 
emissions verified by DNV. 
2-6
Activities, value chain and other business relationships 
Page 4; Page 10; pp. 20-22 
2-7
Employees
Pp. 25
2-8
Workers who are not employees 
Pp. 25
2-9
Governance structure and composition
See the Corporate Governance 
report in the 2022 Annual Report; 
Corporate Code of Business  
Ethics and Conduct
2-10
Nomination and selection of the highest governance body 
See the Corporate Governance 
report in the 2022 Annual Report; 
Corporate Code of Business  
Ethics and Conduct
2-11
Chair of the highest governance body 
Board of Directors and 
Management
2-12
Role of the highest governance body in overseeing the management of impacts 
Pp. 6-7; the Corporate Governance 
report in the 2022 Annual Report
2-13
Delegation of responsibility for managing impacts 
 Pp. 6-7
2-14
Role of the highest governance body in sustainability reporting
 Pp. 6-7
2-15
Conflicts of interest
 Pp. 9-10. Corporate Code of 
Business Ethics and Conduct
2-16
Communication of critical concerns
 Pp. 9-10
2-17
Collective knowledge of the highest governance body 
The BoD consists of industry 
experts. The BoD has access to the 
company’s e-learning modules
2-18
Evaluation of the performance of the highest governance body 
See the Corporate Governance 
report in the 2022 Annual Report
2-19
Remuneration policies 
SSee the Corporate Governance 
report in the 2022 Annual Report
2-20
Process to determine remuneration 
See the Corporate Governance 
report in the 2022 Annual Report
2-21
Annual total compensation ratio 
See the Corporate Governance 
report in the 2022 Annual Report
2-22
Statement on sustainable development strategy
 Page 5
2-23
Policy commitments 
Pp. 6-7. ESG – Golden Ocean
2-24
Embedding policy commitments 
Pp. 6-7; pp. 8-11; p. 18; p. 22
2-25
Processes to remediate negative impacts 
Pp. 6-7
2-26
Mechanisms for seeking advice and raising concerns 
Complaints Procedure
2-27
Compliance with laws and regulations
Page 8
2-28
Membership associations 
Page 7 
2-29
Approach to stakeholder engagement
Page 7
2-30
Collective bargaining agreements
 Page 22
GRI INDEX
GRI STANDARD 
DISCLOSURE
LOCATION
GRI 3: MATERIAL TOPICS 2021 
3-1
Process to determine material topics
Page 7; pp. 23-24
3-2
List of material topics
Page 7; pp. 23-24
MATERIAL TOPIC: DIRECT EMISSIONS
3-3
Management of material topics
Pp. 11-16
305-1
Direct (Scope 1) GHG emissions
Pp. 12-16
305-2
Indirect (Scope 2) GHG emissions
Pp. 23-24
305-3
Indirect (Scope 3) GHG emissions
Pp. 23-24
305-7
Nitrogen oxides (NOx), sulphur oxides (SOx), and other significant air emissions
Page 13
MATERIAL TOPIC: ENERGY MIX
3-3
Management of material topics
Page 12; pp. 14-16
302-1
Energy consumption within the organization
Pp. 12-16
MATERIAL TOPIC: CORRUPTION RISK
3-3
Management of material topics
Pp. 9-10
205-2
Communication and training about our anti-corruption policies and procedures
Pp. 9-10; Page 22
MATERIAL TOPIC: SPILLS AND RELEASES
3-3
Management of material topics
Page 18 
306-3
Significant spills
Page 18 
MATERIAL TOPIC: OCCUPATIONAL HEALTH AND SAFETY
3-3
Management of material topics
Pp. 19-20 
403-1
Occupational health and safety management system
Pp. 19-20
403-6
Promotion of worker health
Pp. 19-20
403-9
Work-related injuries
Pp. 19-20
MATERIAL TOPIC: DIVERSITY AND EQUAL OPPORTUNITY
3-3
Management of material topics
Page 22
405-1
Diversity of governance bodies and employees
Page 22
MATERIAL TOPIC: SUPPLIER SOCIAL ASSESSMENT
3-3
Management of material topics
Page 8; Page 10; Pp. 20-22
414-1
New suppliers that were screened using social criteria
Page 8; Page 10; Pp. 20-22
26 • 2022 • Environmental Social Governance
APPENDIX • 27

BERMUDA
GOLDEN OCEAN GROUP LIMITED
PO Box HM 1593
Par-la-Ville Place 
14 Par-la-Ville Road
Hamilton HM 08 Bermuda
Phone. + 1 441 295 69 35
Fax. + 1 441 295 34 94
NORWAY
GOLDEN OCEAN MANAGEMENT AS
Bryggegata 3 P.O.Box 2005-Vika 
0125 Oslo
Phone. + 47 22 01 73 40
Fax. + 47 22 01 73 59
SINGAPORE
GOLDEN OCEAN SHIPPING CO PTE. LTD.
1 Wallich Street
#14-02 Guoco Tower
Singapore 078881
Phone. +65 6226 1926
Fax. +65 6293 3515