Market Update

Following the widely reported improvement in conditions in the Strait of Hormuz, Western Bulk confirms that its three vessels previously held up in the Persian Gulf have now safely exited the strait. The Persian Gulf situation has nonetheless weighed on first-half 2026 results, and H1 performance is expected to end somewhat in negative territory.  

"I want to express my sincere gratitude to the crews and owners of the chartered vessels that navigated this very challenging situation with professionalism and care. I also want to thank our own people at Western Bulk for handling an operationally complex situation very well, says Torbjørn Gjervik, Chief Executive Officer. 

As communicated in the Q1 update, the Company's positioning during the first half of the year is expected to support improved performance in H2. Combined with a supportive dry bulk market, Western Bulk expects to deliver a profitable result for the full year. 

For further 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.