Western Bulk declares Q3 2022 dividend of NOK 3,00 per share
Western Bulk hereby declares a dividend of USD 10 million based on the company's results for the third quarter of 2022.
The dividend of USD 10 million corresponds to a dividend of NOK 100.9 million, or NOK 3,00 per share. The share will trade ex dividend on October 24th, record date is October 25th and payment date is November 2nd.
As expected the dry bulk market continued its downward trend in the third quarter. Western Bulk managed to utilize the negative sentiment by taking on an overweight of cargo commitments that were covered by vessels at lower rates in a declining market. The Group continues to deliver on good craftmanship with an agile approach to market volatility in combination with implemented strategic and operational initiatives.
The market is expected to be muted going forward as a result of global inflation, economic downturn and slow recovery of the Chinese real-estate market. The Group has limited forward exposure and considers the negative sentiment as an opportunity. At the same time a more depressed market is expected to provide reduced overall market volatility which might lead to somewhat lower results going forward.
The Board also decided to call for an extraordinary general meeting on Thursday November 3rd at 12.00 CET to elect Mr. Kristoffer Sandaker as new board member to replace Mr. Erik Borgen as Mr. Borgen has resigned from the Kistefos Group.
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
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.