For the first half of 2023, Western Bulk generated a net loss after tax of USD
-4.8 million from a Net TC of USD 7.0 million and Net TC Margin per ship day of
USD 310. The number of vessels increased continuously through the first half of
2023, reaching an average of 125 vessels.

While the Group had an extraordinarily good start 2022, the results for the
first half of 2023 are significantly lower. The market has been more depressed
and returning to normal seasonality, while the company has made investments in
volume and repositioning of vessels between basins. During the first quarter,
the market was in contango, with higher forward rates for the second quarter
than the first quarter's spot rates. The Group had clear expectations for the
forward market to come down and took a short position for the second quarter
(more cargo than vessels). For a short period, the market increased instead, and
the position was reduced to limit losses. Consequently, the company did not
benefit from the later market decline in the second quarter to the same extent
as originally expected.

Following a short-lived market increase from mid-February, the dry bulk market
declined from mid-March. The Baltic Supramax Index 58'(BSI) averaged at USD
10,457/day in the first half of 2023, 53% lower than the USD 22,152/day reached
in the same period last year. Although the dry bulk market is expected to face
continued headwinds in the near term, Western Bulk expects to generate a profit
for the second half of the year.

In relation to the release of the first half-year results, a digital investor
presentation will be held by the company's CEO (Hans Aasnæs) and CFO (Kenneth
Thu) on Monday 21st of August at 12:00 CET. If you would like to attend the
presentation, please register your interest by sending an email to
IR@westernbulk.com within August 18th at 16:00 CET and you will receive a
digital meeting invite in return.
 
The board of directors calls for an extraordinary general meeting to be held on
Tuesday, August 29th at 11.00 CET in the company's office in Henrik Ibsens Gate
100, Oslo. The board proposes that Ørjan Svanevik is elected as a new board
member to replace Tord Meling, who is resigning from the board. Ørjan owns 18
000 shares in Western Bulk Chartering AS through the company Oavik Capital AS
where he is the sole owner and director.

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 about
1300 other shareholders. See www.westernbulk.com for more information. Western
Bulk Chartering AS is registered 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.