Dividend and market update for first quarter

The Board of Directors has decided not to declare a dividend for the first quarter of 2025.

Through the first months of 2025, the dry bulk market followed a typical seasonal pattern, with rates softening into early February before rebounding through March. Supramax rates bottomed around USD 6,000/day before recovering to around USD 11,000/day by mid-March, from which rates have since come off again. Panamax rates followed a similar trajectory, briefly exceeding USD 12,000/day before easing toward USD 10,000/day in the recent weeks.

Market conditions remain subdued, with volatility at notably low levels, and the group is maintaining its relatively bearish market view for the coming months, on the back of supply and demand fundamentals.

Any dividend for the second quarter will be announced in August together with the publication of the first half year report.

Contacts
For more information, please contact:

Torbjørn Gjervik, Chief Executive Officer
Tel: +47 940 28211
E-mail: torbjorn.gjervik@westernbulk.com

Kenneth Thu, Chief Financial Officer
Tel: +47 988 74302
E-mail: kenneth.thu@westernbulk.com

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.