Western Bulk is increasing volume and expecting a minor negative result for the first half of 2023. No dividend declared for Q1-23.

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 

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.