Dividend for first quarter and update on Panamax division

Western Bulk has used the seasonality in the first quarter of 2024 to position itself for profitability in the coming quarters, consequently no dividend will be declared for this period. Any dividend for the second quarter of 2024 will be announced on the 15^th of August together with publication of the first half year report.

After significant investments in 2023, the Panamax division is expected to be profitable in 2024. The team is now fully operational, with a total of five chartering managers across Dubai, Singapore, and Oslo, allowing the company to cover all major basins and actively engage in a diverse array of trades.

To date, the performance within the Panamax segment has surpassed projections in both volume and profitability. We are about to reach a volume of 10 vessels and are confident in the segment’s continued expansion potential.

Contacts
For more information, please contact:

Ørjan Svanevik, Board member and Interim Chief Executive Officer
E-mail: orjan.svanevik@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.