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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