Western Bulk Re-enters Ship Ownership Together with Selected Partners

Western Bulk, together with reputable Norwegian partners A/S J. Ludwig Mowinckels Rederi, Premium Maritime Fund 2024 AS managed by NRP Asset Management and Pactum AS, have acquired the vessel MV CSSC Shi Jia Zhuang. The vessel will be renamed Western Egda. She is an Eco-design Kamsarmax built in 2020 in China and has recently completed her five-year special survey. Western Bulk will hold 22 % ownership, and the transaction is expected to close next week.

Western Bulk will assume responsibility for commercial management and business management. This will allow the vessel to enjoy the full benefits from the company’s global commercial platform, including customer and supplier networks, chartering and operational expertise, as well as a broad range of inhouse support functions.

Commenting on the transaction, CEO Torbjørn Gjervik says: 
“We are very excited to re-enter ship ownership together with a strong group of partners. This is an area where we can add significant value through our global commercial platform”.

Western Bulk will continue expanding its co-investment and commercial management activities with partners who value transparency, and a collaborative approach to ownership.

The company currently operates about 110 vessels in the Handy to Kamsarmax segments and fixes between 500 and 600 unique vessels per year. Data from these fixtures provide a solid competitive advantage for assessing vessel performance, prior to any purchase.

“We welcome inquiries from parties that are interested in the benefits of gaining access to Western Bulk´s commercial platform”, states Torbjørn Gjervik. 

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.