WESTERN BULK CHARTERING Western Bulk hereby declares a dividend ofUSD 10 million based on the company's results for the third quarter of 2022. The dividend ofUSD 10 million corresponds to a dividend ofNOK 100.9 million , orNOK 3,00 per share. The share will trade ex dividend onOctober 24th , record date isOctober 25th and payment date isNovember 2nd . As expected, the dry bulk market continued its downward trend in the third quarter. Western Bulk managed to utilize the negative sentiment by taking on an overweight of cargo commitments that were covered by vessels at lower rates in a declining market. The Group continues to deliver on good craftmanship with an agile approach to market volatility in combination with implemented strategic and operational initiatives. The market is expected to be muted going forward as a result of global inflation, economic downturn and slow recovery of the Chinese real-estate market. The Group has limited forward exposure and considers the negative sentiment as an opportunity. At the same time a more depressed market is expected to provide reduced overall market volatility which might lead to somewhat lower results going forward. The Board also decided to call for an extraordinary general meeting onThursday November 3rd at 12.00 CET to elect Mr.Kristoffer Sandaker as new board member to replace Mr.Erik Borgen asMr. Borgen has resigned from theKistefos Group . 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 privately owned byKistefos Group (68,7 %), Ojada AS (8,3 %) and a group of more than 1 000 shareholders. See www.westernbulk.com for more information.Western Bulk Chartering AS is listed 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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