Dividend and Market Update – First Quarter 2026

The Board of Directors has decided not to declare a dividend for the first quarter of 2026.

The conflict in the Middle East and the closure of the Strait of Hormuz have negatively impacted operations and weighed on results. Elevated premiums on physical bunkers versus financial swaps have increased fuel costs, while existing cargo and tonnage commitments involving the Persian Gulf are expected to continue affecting performance in the first half of 2026. Western Bulk is exposed to continued operational uncertainty on three vessels awaiting transit through the Strait of Hormuz.

During the quarter, the company also utilized the seasonally weaker market to position capacity for improved profitability in the second half of the year.

The dry bulk market performed better than initially expected in Q1 2026, supported by a particularly strong February. Strength was primarily driven by solid grain flows, with exports from both the U.S. and East Coast South America (ECSA) remaining firm and supporting demand in the Atlantic basin. Momentum softened towards the end of the quarter, with March weakening as geopolitical tensions escalated, contributing to higher oil prices, increased global uncertainty, and softer freight rates.

Looking ahead, the company expects that the positioning undertaken during the quarter, will support improved performance when the situation in the Strait of Hormuz has improved.

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.