Western Bulk is expecting record Q1 2022 result with net profit after tax of USD 18 to 20 million

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 25^th 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

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.