Exhibit

Exhibit 8.1

Significant Subsidiaries at April 14, 2016



Name	Country of Incorporation	Ownership and Voting Percentage
Golden Ocean Group Management (Bermuda) Ltd	Bermuda	100%
Golden Ocean Management AS	Norway	100%
Golden Ocean Management Asia Pte Ltd	Singapore	100%
Golden Ocean Trading Ltd	Bermuda	100%
Golden Ocean (Cyprus) Ltd	Cyprus	100%
Golden Ocean Shipping Co Pte Ltd	Singapore	100%
Capesize Chartering Ltd	Bermuda	25%
Golden Aries Inc	Liberia	100%
Golden Arima Inc	Liberia	100%
Golden Beppu Inc	Liberia	100%
Golden Brilliant Inc	Liberia	100%
Golden Crystal Inc	Liberia	100%
Golden Daisy Inc	Liberia	100%
Golden Diamond Inc	Liberia	100%
Golden Eclipse Inc	Liberia	100%
Golden Eminence Inc	Liberia	100%
Golden Empress Inc	Liberia	100%
Golden Endeavour Inc	Liberia	100%
Golden Endurer Inc	Liberia	100%
Golden Enterprise Inc	Liberia	100%
Golden Feng Inc	Liberia	100%
Golden Gemini Inc	Liberia	100%
Golden Ginger Inc	Liberia	100%
Golden Ice Inc	Liberia	100%
Golden Leo Inc	Liberia	100%
Golden Libra Inc	Liberia	100%
Golden Opportunity Inc	Liberia	100%
Golden Pearl Inc	Liberia	100%
Golden Rose Inc	Liberia	100%
Golden Ruby Inc	Liberia	100%
Golden Saguenay Inc	Liberia	100%
Golden Sapphire Inc	Liberia	100%
Golden Shui Inc	Liberia	100%
Golden Strength Inc	Liberia	100%
Golden Taurus Inc	Liberia	100%
Golden Virgo Inc	Liberia	100%
Palila Inc	Liberia	100%
Parula Inc	Liberia	100%
Petrel Inc	Liberia	100%
Piper Inc	Liberia	100%
Front Singapore Inc	Liberia	100%
Front San Francisco Inc	Liberia	100%