Western Bulk's third quarter results were below expectations. No dividend will be declared for Q3-23.

Western Bulk was not able to take advantage of the market volatility seen in the third quarter, mainly due to having a short position going into the strong market rebound in August, combined with investments in new trading patterns. Although trading performance generated positive Net TC, it was not high enough to generate positive earnings after tax for the period. No dividend will therefore be declared for Q3-23. 

As Western Bulk is mainly focused on trading the short-term market, the weak performance for the third quarter is not expected to have a negative impact on coming quarters. However, following a weak start of the year, the full year 2023 results are expected to end in negative territory. 

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.