Realizes USD 4.5 million vessel sale profit

10 Jul 2024 10:55 CEST

(Oslo, 10 July 2024) Western Bulk Chartering AS (Western Bulk, OSE:WEST) today
announces the sale of the 2019-built ultramax vessel Western Oslo, realizing a
net profit of approximately USD 4.5 million, following the exercise of the
vessel purchase option.

“The transaction exemplifies the commercial acumen of Western Bulk’s globally
renowned chartering team and underscores the exceptional flexibility of our
business model. It stands as a testament to our team's expertise and strategic
approach, enabling us to capitalize on market opportunities across business
cycles. The transaction supports our asset-light business model and dividend
distribution policy,” says Ørjan Svanevik, interim Chief Executive Officer and
Board member of Western Bulk.

Western Bulk has entered into an agreement to sell the Western Oslo to an
unnamed buyer by exercising a purchase option with a subsequent sale in the
second-hand market. The details of the transaction are subject to
confidentiality agreements, but Western Bulk expects book a net profit of
approximately USD 4.5 million in the third quarter 2024.

“The second-hand market for 5-year-old eco ultramax vessels was approximately
USD 3.5 – 4.5 million lower last year compared to this year. As an asset-light
operator in the dry bulk market, we are pleased to profit from historical lease
contracts with our close counterparts. With the Western Oslo, we successfully
leveraged a strong spot market in 2021-2022 and capitalized on favorable asset
market conditions in 2024,” says Jørgen Veie-Rosvoll, Head of Period Tonnage in
Western Bulk.

Following the Western Oslo transaction, the company continuously evaluates the
other purchase options in the trading book.

For more information, please contact:

Ørjan Svanevik, Board member and Interim Chief Executive Officer
E-mail: orjan.svanevik@westernbulk.com

Jørgen Veie-Rosvoll, Head of Period Tonnage
Tel: +47 48238213
E-mail: jorgen.veie-rosvoll@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 1100 other shareholders. Western Bulk Chartering AS is
registered on Euronext Growth Oslo.

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