WESTERN BULK CHARTERING Trading performance for Western Bulk has been weak in the second half of 2023, leading to an expected net loss after tax of 14 to 16 mUSD for the full year. Although Net TC is positive in all quarters, it has not been sufficient to generate positive net earnings. The Group has had a negative market view and held corresponding positions throughout the year, as well as invested heavily in new trading areas. The group has been conscious of not taking on too much long exposure at what was considered inflated levels against the forward freight market. This led to a short position with more cargo than tonnage commitments. As Western Bulk does not own vessels, financial results are not necessarily correlated with the overall market direction like for most vessel owners. The second half of 2023 has seen two significant market spikes, the first in August and September, where the rates went from about7,500 USD /day to peak at about15,000 USD /day, and the second in November and December, with rates increasing from12.000 USD /day to17,000 USD /day. Both events had a negative impact on the Group given its a short position, and an overweight of cargo commitments had to be covered by more expensive vessels. No dividend will be declared for Q4-23. Contacts For more information, please contact:Hans Aasnæs , Chief Executive Officer Tel: +47 922 53957 E-mail: hans.aasnas@westernbulk.comKenneth Thu , Chief Financial Officer Tel: +47 988 74302 E-mail: kenneth.thu@westernbulk.com About Western Bulk Chartering:Western Bulk Chartering AS is a major dry bulk shipping operator. The company is owned by theKistefos Group (68,7 %), Sayonara AS (previously Ojada AS) (8,3 %) and a group of about 1300 other shareholders. See www.westernbulk.com for more information.Western Bulk Chartering AS is registered on Euronext Growth Oslo. 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.
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