Western Bulk Chartering AS - Fourth quarter and preliminary 2016 results

Market rates and operating performance continued to improve in Q4-16.

The market rates improved during Q4-16, with rate levels strengthening in the Atlantic basin, while rates in the Pacific basin remained very low. The Group has a significant presence in both areas. For the fleet that was operated in the Atlantic, the Group benefited from the improved market. The Group's operating performance continued to improve in Q4-16, with both an increased operated fleet and increased Net TC from the previous quarter.

"I am pleased to see that the positive development in our margins and the operated fleet continue, and that the dry bulk market has shown some signs of life again during Q4-16, with substantial rate improvements in the Atlantic basin. This basin difference and volatility in rates increase the opportunities for the Group " says Jens Ismar, Chief Executive Officer of Western Bulk Chartering.

Please read more in the attached press release.

Western Bulk Chartering AS Q4 2016 release

For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897
E-mail: jens.ismar@westernbulk.com

Western Bulk

Email and IT-related Fraud Alert

There is an increasing risk of attempted fraud and other security threats via email. In particular, Western Bulk has noticed an increase of fraudulent requests to change bank account details of suppliers/creditors, in an attempt to redirect payments to criminals and not to the intended recipient. We encourage everyone to be vigilant and learn to detect fraudulent email instructions - seemingly legitimate emails may contain fraudulent information, this is not just a cybersecurity matter.

As a result, Western Bulk will treat any notice of bank account changes as suspicious. Urgent pressure to effect payment as soon as possible without verification of the changes will also be treated as suspicious.

Please note that Western Bulk would not inform of changes to bank account details by email notice alone. In the unlikely event that we need to change a beneficiary name or our other bank account details, we would personally contact our supplier or customer in order to personally verify any change in details.

Similarly, we ask that all our suppliers and creditors:

1. first notify us in writing and
2. personally verify any change in bank details or change in beneficiary in any payment advice to Western Bulk.

In summary, notices of bank account changes will require voice confirmation from your Western Bulk contact, either by telephone or face to face, before payment can be authorised so please make sure to notify any changes in good time.