For the second half of 2022, Western Bulk generated a net profit after tax of
USD 28.6 million, reaching a full-year net profit after tax of USD 66.0 million.
That is the second-best full year result in the company's history, only
outperformed by last year's net profit after tax of USD 81.0 million for the
full-year of 2021. 

Entering the second half of 2022, Supramax market rates were at about 25.200
USD/day and declined more or less continuously over the six-month period, ending
the year at about 10.600 USD/day. With focus on good craftsmanship, and by
trading the short-term market, Western Bulk managed to utilize the market
decline by covering cargo commitments with vessels at lower rates. In particular
spot arbitrage trading did well, as decision-making has been improved through
the use of data combined with good cooperation between regions.

The high market volatility measured in USD as seen in 2021 and 2022 has come
down as rates have declined. Current Supramax spot rates are at about 7.500
USD/day, and the global dry bulk market is expected to face continued headwinds
in the near term before starting another upward cycle towards the end of 2023.
The company therefore anticipates lower results in the first half of 2023
compared to the second half of 2022.

Based on the results, Western Bulk hereby declares a quarterly dividend of NOK 3
per share for the fourth quarter, totaling a dividend of USD 10 million. The
ex-dividend date is 13th of February, record date is 14th of February and
payment date is 22nd of February.

In relation to the release of the second half-year results, a digital investor
presentation will be held by the company's CEO (Hans Aasnæs) and CFO (Kenneth
Thu) on Tuesday 14th of February at 13:00 CET. If you would like to attend the
presentation, please register your interest by sending an email to
IR@westernbulk.com within February 13th at 16:00 CET and you will receive a
digital meeting invite in return.
 
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
privately owned by Kistefos Group (68,7 %), Ojada AS (8,3 %) and a group of
about 1200 other shareholders. See www.westernbulk.com for more information.
Western Bulk Chartering AS is listed 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.