Western Bulk Chartering AS — Earnings Release 2016

Nov 30, 2016

Western Bulk Chartering AS – Third quarter 2016 results

Oslo, 30 November 2016

Significantly improved Net TC

The Group had a significant improvement in performance from Q2-16 to Q3-16, with both increased Net TC and operated fleet. The Net TC result improved from the very weak level of USD -5.4 million in Q2-16 to USD 0.9 million in Q3-16. At the same time the operated fleet increased from 109 vessels in Q2-16 to 126 vessels on average for Q3-16 and was steadily increasing throughout the quarter, with 138 vessels operated on average in September.

Expansions

The Group continues to increase its market presence, and has during Q3-16 seen another 3 persons joining the US Gulf business unit in Miami. In addition, an office in Morocco has been opened to support new business in the West Africa area. Both of these markets have great potential for the Group looking forward.

Further strengthening of the equity and cash position of the Group

To strengthen the book equity and cash positon of the Group, Western Bulk Chartering AS will raise USD 15 million in additional equity from existing shareholders in a private placement. The transaction is backed with a subscription and guarantee agreement from the two largest shareholders; Kistefos AS and Ojada AS, which are guaranteeing USD 13.8 million and USD 1.2 million respectively. In connection with the equity transaction, the Group has requested the bond holders to approve certain amendments in the bond loan agreement. The request has already been pre-accepted by a majority of the bond holders, ahead of the bond holder meeting to be held on or about 15 December 2016 to approve the requested changes.

"I am pleased to see the positive development in our margins and the operated fleet. After an extremely challenging first half of the year, the business is moving in the rigth direction with good support from our business partners, shareholders and dedicated staff" says Jens Ismar, Chief Executive Officer of Western Bulk Chartering.

Please read more in the attached quarterly report.

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.