Western Bulk hereby declares a dividend of USD 10 million based on the company's
results for the third quarter of 2022.

The dividend of USD 10 million corresponds to a dividend of NOK 100.9 million,
or NOK 3,00 per share. The share will trade ex dividend on October 24th, record
date is October 25th and payment date is November 2nd.

As expected, the dry bulk market continued its downward trend in the third
quarter. Western Bulk managed to utilize the negative sentiment by taking on an
overweight of cargo commitments that were covered by vessels at lower rates in a
declining market. The Group continues to deliver on good craftmanship with an
agile approach to market volatility in combination with implemented strategic
and operational initiatives.

The market is expected to be muted going forward as a result of global
inflation, economic downturn and slow recovery of the Chinese real-estate
market. The Group has limited forward exposure and considers the negative
sentiment as an opportunity. At the same time a more depressed market is
expected to provide reduced overall market volatility which might lead to
somewhat lower results going forward.

The Board also decided to call for an extraordinary general meeting on Thursday
November 3rd at 12.00 CET to elect Mr. Kristoffer Sandaker as new board member
to replace Mr. Erik Borgen as Mr. Borgen has resigned from the Kistefos Group.


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 more
than 1 000 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.