By utilizing the continued high market volatility, both in respect of total
market levels and relative levels between the Pacific and Atlantic basins,
Western Bulk has had a very good start of the year. The company has also managed
to limit negative impacts from the Russian invasion of Ukraine. 

The high market volatility seen in 2021 has continued into 2022. The Baltic
Supramax Index started the year at about 24.000 USD/day before falling close to
30 % and bottoming out at about 17.000 USD/day in the beginning of February.
Since then, the market has increased by more than 90 % to current levels of
about 33.000 USD/day. The spreads between the Atlantic and Pacific basins have
also seen significant volatility which has benefited Western Bulk.

For the rest of the year, it is to be expected that the market volatility will
come down somewhat, and from Q2 the company anticipates somewhat lower quarterly
results compared to Q1.

Dividend for Q1 will be announced 25th of April and paid beginning of May.

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 since September 20th, 2021. 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.