While Western Bulk had an extraordinarily good start last year, 2023 has been
slower and more according to normal seasonality. The first quarter of the year
is normally the weakest period. The lower market has been used to increase
volume, currently up to about 130 vessel equivalents.

In addition, the company has made investments in repositioning of vessels and
had a short position in a rising market for a limited time period. Although
trading performance is expected to generate positive Net TC in the first half of
the year, there is a risk that net earnings will be negative for the period.

"The forward value of existing contracts is positive and increased forward rates
are likely to provide higher market volatility and more trading opportunities.
Combined with repositioning of vessels and investments in volume, the outlook
for the second half of the year is positive", states Hans Aasnæs, CEO.

Based on the current results, the Board of Directors has decided that no
dividend will be declared for Q1-23.

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.