For the first half or 2022, Western Bulk generated a net profit after tax of USD
37.4 million and achieved the best first half year result in the company's
40-year history. This represents an increase of USD 28.4 million from the USD
9.0 million generated in the same period last year. Dividend for the first half
year totals USD 29 million.

The exceptionally good start to the year comes as a result of good craftmanship
with an agile approach to market volatility in combination with implemented
strategic and operational initiatives. Key initiatives include investments to
allow for more data driven decision making, and a more systematic approach to
business development and client relationship management. In addition,
cooperation between regions has been strengthened to improve decision making, as
well as to capture a larger arbitrage potential from higher dry bulk market
volatility.

The high market volatility seen in 2021 continued into 2022. With focus on
trading the short-term market, Western Bulk managed to utilize this both in
respect of total market levels and relative levels between the basins.

Historically the market has been higher in the second half of the year, offering
increased opportunities on the back of seasonality. This is not expected to
happen this year due to lower economic growth with the risk of several countries
going into recession. Uncertainty related to Chinese demand is increased,
spurred by troubles in the housing sector, as well as increased tension between
China and the US regarding Taiwan adding to the negative sentiment. The Baltic
Supramax Index has been declining for all forward periods throughout the summer,
and with muted market levels overall volatility is expected to be lower. The
company therefore anticipates lower results in the second half of 2022 compared
to the first half of the year.

Based on the strong results for the first half of 2022, Western Bulk hereby
declares a quarterly dividend of USD 13 million for the second quarter. Dividend
per share is NOK 3,85 at USDNOK 9,95. The ex dividend date is 17th of August,
record date is 18th of August and payment date is 25th of August. 
 
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 1100 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.