Western Bulk has utilised the increased market volatility and seen returns on
investments in operational improvement, excellence in execution and data driven
decision making. This led to a record second half year with net profit after tax
of USD 72 million from gross revenues of USD 0.9 billion. For the full year the
company reached a net profit after tax of USD 81 million from gross revenues of
USD 1.49 billion.

Market volatility has been significantly higher in 2021 than previous years. The
Baltic Supramax Index started the year at about 11.000 USD/day and increased by
265 % to 40.000 USD/day in October before declining by almost 40 % to end the
year at about 25.000 USD/day. Throughout the year, the company has been well
positioned to benefit from the market increase. By staying loyal to the strategy
of utilizing the company's risk capacity in the short-term market, the company
also proved an ability to turn positions and benefit from the market decline in
November and December. The high market volatility between the Atlantic and the
Pacific basins has also provided increased arbitrage opportunities for
geographical positioning of vessels.

To a large extent the good results can be attributed to a change in the
company's culture, strategic discipline and cooperation between functions and
offices. This has allowed for new trading patterns to be developed and a more
holistic approach to management of the group's fleet.

Increased focus on operations as a key value driver has also contributed
significantly to the results and strengthened Western Bulk's relationship with
customers and vessel owners. The combination of investments in data driven
decision making and focus on excellence in execution have also been key
contributors to the results. 

The Board of Directors will propose a dividend for 2021 of USD 65 million to the
Annual General Meeting which will be held as soon as the audited annual accounts
are ready, presumably by mid-March. The dividend for 2021 will be paid by the
end of March.

"We have built a strong culture of co-operation, agility and continuous
improvement. Through this, and by staying loyal to the strategy of utilizing the
company's risk capacity in the short-term market, Western Bulk is in a good
position entering 2022", states Hans Aasnæs, CEO of Western Bulk. 


Please see the attached second half report 2021 for more information. 


 
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
listed on Euronext Growth Oslo, and owned by Kistefos Group (68,7 %), Ojada AS
(8,3 %) and a group of about 640 other shareholders. See www.westernbulk.com for
more information. 

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.