Dividend for first quarter and update on Panamax division

23 May 2024 18:13 CEST

Western Bulk has used the seasonality in the first quarter of 2024 to position
itself for profitability in the coming quarters, consequently no dividend will
be declared for this period. Any dividend for the second quarter of 2024 will be
announced on the 15th of August together with publication of the first half year
report.

After significant investments in 2023, the Panamax division is expected to be
profitable in 2024. The team is now fully operational, with a total of five
chartering managers across Dubai, Singapore, and Oslo, allowing the company to
cover all major basins and actively engage in a diverse array of trades.

To date, the performance within the Panamax segment has surpassed projections in
both volume and profitability. We are about to reach a volume of 10 vessels and
are confident in the segment’s continued expansion potential.

Contacts
For more information, please contact:
Ørjan Svanevik, Board member and Interim Chief Executive Officer
E-mail: orjan.svanevik@westernbulk.com

Kenneth Thu, Chief Financial Officer
Tel: +47 988 74302
E-mail: kenneth.thu@westernbulk.com

About Western Bulk Chartering:
Western Bulk Chartering AS is a major dry bulk shipping operator. The company is
owned by the Kistefos Group (68,7 %), Sayonara AS (former Ojada AS) (8,3 %), and
a group of about 1200 other shareholders. Western Bulk Chartering AS is
registered on Euronext Growth Oslo. See www.westernbulk.com for more
information.


Disclaimers
This press release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts and may be identified by
words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,”
“may,” "continue," “should” and similar expressions. The forward-looking
statements in this release are based upon various assumptions, many of which are
based, in turn, upon further assumptions. Although Western Bulk Chartering
believes that these assumptions were reasonable when made, these assumptions are
inherently subject to significant known and unknown risks, uncertainties,
contingencies and other important factors which are difficult or impossible to
predict and are beyond its control. Such risks, uncertainties, contingencies and
other important factors could cause actual events to differ materially from the
expectations expressed or implied in this release by such forward-looking
statements.

The information, opinions and forward-looking statements contained in this
release speak only as at its date and are subject to change without notice
Western Bulk Chartering disclaims any obligation to update and revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.

More information:
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