In a very volatile market, Western Bulk continued its high trading performance,
harvesting rewards from investments in operational improvement, excellence in
execution and data driven decision making. A net profit after tax of USD 66.0
million for 2022 represents the second-best full year result in the company's
history, only outperformed by last year's net profit after tax of USD 81.0
million for 2021.

Western Bulk had an extraordinary good start to 2022 as the high market
volatility seen in 2021 continued into 2022. With focus on trading the
short-term market, the company managed to utilize this both in respect of total
market levels and relative levels between the Atlantic and Pacific basins. High
market volatility creates temporary mispricing between regions, vessel sizes and
cargoes which the company can utilize through its agile approach.

Entering the second half of 2022, Supramax market rates declined continuously
over the six-month period. Through good craftsmanship Western Bulk managed to
utilize the market decline by covering cargo commitments with vessels at lower
rates. In particular spot arbitrage trading did well, as decision-making has
been improved using data.

The market came down further at the start of 2023 as part of the seasonal
slowdown during the Chinese New Year holidays. Since then it has increased,
driven by improved  economic prospects in China and Southeast Asia. So far the
first quarter has provided rather limited returns for Western Bulk while the
increased market rates and volatility is expected to contribute to improved
earnings for the remainder of the year.

The Board of Directors calls for the Annual General Meeting to be held on
Thursday March 30th at 10.00 CET in the company's office in Henrik Ibsens Gate
100, Oslo.

Contacts

For more information, please contact: 
Hans Aasnæs, Chief Executive Officer
Tel: +47 922 53957
E-mail: [email protected]

Kenneth Thu, Chief Financial Officer 
Tel: +47 988 74302
E-mail: [email protected]

About Western Bulk Chartering:
Western Bulk Chartering AS is a major dry bulk shipping operator. The company is
owned by the Kistefos Group (68,7 %), 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.