Dividend and Market Update – First Quarter 2026

10 Apr 2026 16:48 CEST

The Board of Directors has decided not to declare a dividend for the first
quarter of 2026.

The conflict in the Middle East and the closure of the Strait of Hormuz have
negatively impacted operations and weighed on results. Elevated premiums on
physical bunkers versus financial swaps have increased fuel costs, while
existing cargo and tonnage commitments involving the Persian Gulf are expected
to continue affecting performance in the first half of 2026. Western Bulk is
exposed to continued operational uncertainty on three vessels awaiting transit
through the Strait of Hormuz.

During the quarter, the company also utilized the seasonally weaker market to
position capacity for improved profitability in the second half of the year.

The dry bulk market performed better than initially expected in Q1 2026,
supported by a particularly strong February. Strength was primarily driven by
solid grain flows, with exports from both the U.S. and East Coast South America
(ECSA) remaining firm and supporting demand in the Atlantic basin. Momentum
softened towards the end of the quarter, with March weakening as geopolitical
tensions escalated, contributing to higher oil prices, increased global
uncertainty, and softer freight rates.

Looking ahead, the company expects that the positioning undertaken during the
quarter, will support improved performance when the situation in the Strait of
Hormuz has improved.


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.

More information:
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