Western Bulk has had an exceptionally good start to the year, benefiting from
it's strategic initiatives and agile approach to market volatility. This has
lead to significant outperformance of expectations indicated in April and net
profit after tax for the first half year is expected to end in the range of USD
37 to 40 million. This will be the best first half  year result in the company's
40 year history.

Since April the Supramax market has been hoovering around 27.000 to 30.000
USD/day with somewhat lower market volatility than the previous quarters as
expected. However, the volatility in market rates between various geographic
regions has stayed high and offered several trading opportunities.

Historically the market has been higher in the second half of the year, offering
increased opportunities on the back of seasonality. This impact is expected to
be limited this year due to lower economic growth and uncertainty related to
Chinese demand, as well as increased protectionism with countries like India
imposing export restrictions to curb inflation. As a consequence, the company
anticipates somewhat lower results in the second half of 2022 compared to the
first half of the year.

Dividend for Q2 will be announced 15th of August together with the First Half
Year Report for 2022 and will be paid in the beginning of September.

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%), Ojada AS (8,3%) and a group of more than
1000 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.