Market and dividend update for Q3

The sub-Cape segments saw strong gains in Q3, with the Baltic Panamax Index averaging $15,929 per day (+34% from Q2) and the Supramax Index $17,095 (+40% from Q2). Market strength stemmed from robust grain exports from Brazil and the U.S. Gulf, increased coal imports to Asia amid reduced Chinese output, and discharge delays that further tightened vessel supply.

Western Bulk maintained a predominantly long position for Q3, both through open tonnage and FFA contracts. This position increased in value throughout the quarter with the September FFA contract increasing about $5,000 per day for both the Supramax and Panamax segments. A firm spot market, especially in the Atlantic basin also resulted in strong fixtures on period tonnage open in the region. Additionally, the Group realized profitable results from cargoes booked earlier in the year. Altogether, this led to positive net results for Q3, as well as an increase in contract values for Q4.

On Friday, China’s Ministry of Transport announced the introduction of special port fees on vessels with U.S. links, marking a renewed escalation in the trade tensions between China and the United States. At the same time, China has imposed new export restrictions on critical minerals, further heightening uncertainty across global markets. Western Bulk is navigating these uncertainties to limit any negative implications for the business, and as a Norwegian operator with an agile approach it might also offer some opportunities.

Although the Group saw positive results for Q3, the year-to-date results are still below satisfaction, and the Board of Directors has decided to defer any dividend decision until the completion of the 2025 financial year. An update on potential dividend distribution will be provided alongside the second-half results report in February 2026.

Contacts
For more information, please contact:

Torbjørn Gjervik, Chief Executive Officer
Tel: +47 940 28211
E-mail: torbjorn.gjervik@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.