Western Bulk Chartering AS — Capital/Financing Update 2016

Dec 1, 2016

Western Bulk Chartering AS – Summons to bond holder meeting

Oslo, 1 December 2016

The board of directors of Western Bulk Chartering AS has resolved to propose to the general meeting of the company to carry out an equity issue with gross proceeds of the NOK equivalent of USD 15 million in order to strengthen the company's working capital. The two largest shareholders, Kistefos AS and Ojada AS, have provided a guarantee for the full amount, with USD 13.8 million and USD 1.2 million respectively. The equity issue and the guarantee are subject to the bondholders meeting under "FRN Western Bulk AS NOK 300m Senior Unsecured Bond Issue 2013/2017" agreeing to certain amendments to the bond issue. A majority of the bondholders have given their pre-acceptance to the proposed amendments. A copy of the summons to the bondholders' meeting is attached.

For more information, please contact: Jens Ismar, Chief Executive Officer Tel: +47 9009 0897 E-mail: jens.ismar@westernbulk.com

About Western Bulk Chartering:

Western Bulk Chartering AS is a major dry bulk shipping operator. The company is privately owned by a group of about 250 shareholders. See www.westernbulk.com for more information.

Western Bulk Chartering AS has an outstanding bond loan trading on Nordic ABM under the ticker symbol "WBULK01 PRO".

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.