For the first half of 2024, Western Bulk Chartering AS (Western Bulk, WEST)
generated a net profit after tax of USD 2.5 million from a Net TC of USD 15.1
million and Net TC Margin per ship day of USD 626. The number of vessels
increased to an average of 133, up from 125 in the same period last year, driven
by growth within the Panamax segment.

H1 2024 proved to be a strong first half for the dry bulk market. The Baltic
Supramax Index 58'(BSI) averaged USD 13,975/day in H1 2024, 17% higher than the
USD 11,974/day achieved in H2 2023 and 33% higher than H1 2023. The spread
between Atlantic and Pacific markets averaged USD 924/day, down from USD
2,151/day in the same period last year.

Entering the year, the company held a long position with more vessel than cargo
commitments, and thus benefited from the strong market. To a large degree, the
profit from this long position has been reinvested in repositioning of vessels
(back haul) from the Pacific to a typically higher paying Atlantic market, and
this is expected to yield substantial returns in the second half. The cost of
repositioning vessels has been lower than historical levels due to higher paying
steel exports out of China. As is typical with seasonal trends, we anticipate
the Atlantic market to outperform the Pacific market in H2-24. The upcoming US
grain export season, along with sustained healthy volumes from the South
Atlantic, would be key factors driving such outperformance.

The Board of Directors has decided not to declare a dividend for Q2-24 as
working capital headroom is needed for volume growth.

In relation to the release of the first half-year results, a digital investor
presentation will be held by the company's interim CEO (Ørjan Svanevik), new CEO
(Torbjørn Gjervik) and CFO (Kenneth Thu) on Tuesday 20th of August at 13:00 CET.
To attend the presentation, please register via the link published on the
Investor Relations section of our website.



Contacts
For more information, please contact: 
Ørjan Svanevik, Interim Chief Executive Officer
Tel: +47 414 51 560
E-mail: orjan.svanevik@westernbulk.com

Kenneth Thu, Chief Financial Officer 
Tel: +47 988 74 302
E-mail: kenneth.thu@westernbulk.com


About Western Bulk:
Western Bulk is a global dry bulk operator and derivatives trader registered on
Euronext Growth in Oslo. Propelled by an entrepreneurial spirit, we combine
in-depth maritime knowledge with trading expertise. Through combining advanced
risk management, extensive use of market data, analytics to optimize fleet
deployment and vessel-cargo matching, we offer tailor-made solutions serving our
customersŽ needs. 
See www.westernbulk.com for more information. 



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 AS
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 AS disclaims any obligation to update and revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.