Market and dividend update for Q3

13 Oct 2025 21:35 CEST

The sub-Cape segments saw strong gains in Q3, with the Baltic Panamax Index
averaging $15,929 per day (+34% from Q2) and the Supramax Index $17,095 (+40%
from Q2). Market strength stemmed from robust grain exports from Brazil and the
U.S. Gulf, increased coal imports to Asia amid reduced Chinese output, and
discharge delays that further tightened vessel supply.

Western Bulk maintained a predominantly long position for Q3, both through open
tonnage and FFA contracts. This position increased in value throughout the
quarter with the September FFA contract increasing about $5,000 per day for both
the Supramax and Panamax segments. A firm spot market, especially in the
Atlantic basin also resulted in strong fixtures on period tonnage open in the
region. Additionally, the Group realized profitable results from cargoes booked
earlier in the year. Altogether, this led to positive net results for Q3, as
well as an increase in
contract values for Q4.

On Friday, China’s Ministry of Transport announced the introduction of special
port fees on vessels with U.S. links, marking a renewed escalation in the trade
tensions between China and the United States. At the same time, China has
imposed new export restrictions on critical minerals, further heightening
uncertainty across global markets. Western Bulk is navigating these
uncertainties to limit any negative implications for the business, and as a
Norwegian operator with an agile approach it might also offer some
opportunities.

Although the Group saw positive results for Q3, the year-to-date results are
still below satisfaction, and the Board of Directors has decided to defer any
dividend decision until the completion of the 2025 financial year. An update on
potential dividend distribution will be provided alongside the second-half
results report in February 2026.


Contacts
For more information, please contact:

Torbjørn Gjervik, Chief Executive Officer
Tel: +47 940 28211
E-mail: torbjorn.gjervik@westernbulk.com

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

About Western Bulk Chartering:
Western Bulk is a global dry bulk operator and derivatives trader registered on
Euronext Growth in Oslo. Propelled by an entrepreneurial spirit, we combine
in-depth maritime knowledge with trading expertise. Through combining advanced
risk management, extensive use of market data, analytics to optimize fleet
deployment and vessel-cargo matching, we offer tailor-made solutions serving our
customers´ needs.
See 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.

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