Trading performance for Western Bulk has been weak in the second half of 2023,
leading to an expected net loss after tax of 14 to 16 mUSD for the full year.
Although Net TC is positive in all quarters, it has not been sufficient to
generate positive net earnings.

The Group has had a negative market view and held corresponding positions
throughout the year, as well as invested heavily in new trading areas. The group
has been conscious of not taking on too much long exposure at what was
considered inflated levels against the forward freight market. This led to a
short position with more cargo than tonnage commitments. As Western Bulk does
not own vessels, financial results are not necessarily correlated with the
overall market direction like for most vessel owners.

The second half of 2023 has seen two significant market spikes, the first in
August and September, where the rates went from about 7,500 USD/day to peak at
about 15,000 USD/day, and the second in November and December, with rates
increasing from 12.000 USD/day to 17,000 USD/day. Both events had a negative
impact on the Group given its a short position, and an overweight of cargo
commitments had to be covered by more expensive vessels.

No dividend will be declared for Q4-23.


Contacts
For more information, please contact:

Hans Aasnæs, Chief Executive Officer
Tel: +47 922 53957
E-mail: hans.aasnas@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 (previously Ojada AS) (8,3 %)
and a group of about 1300 other shareholders. See www.westernbulk.com for more
information. Western Bulk Chartering AS is registered on Euronext Growth Oslo.



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.