Western Bulk Chartering AS — Earnings Release 2018

Aug 17, 2018

Western Bulk Chartering AS - First half year 2018 results

Western Bulk Chartering AS - First half year 2018 results

Strong performance during the first six months of 2018

The positive development in 2017 continued in the first half of 2018 with the Group posting a profit after tax of USD 3.6 million, a strong improvement from the USD -2,1 million loss from the same period in 2017 and close to the full year 2017 profit after tax of USD 4.3 million.

Net TC reached USD 21.3 million (USD 805 per ship day) in the first six months of 2018 compared to USD 15.1 million in the same period last year (USD 585 per ship day). Activity increased throughout the period from 130 ships in December 2017 to 164 ships in June 2018, and the Group operated an average of 146 ships.

"I am very pleased with the continued good performance of the Group underlining our ability to extract a margin from our unique business model" says Jens Ismar, Chief Executive Officer of Western Bulk Chartering.

Outlook 2018

The dry bulk market in general is expected to continue its gradual improvement supported by marginal demand growth in excess of supply. So far this year coal has been the main driver for growth but going forward iron ore is likely to give support to the dry market. The impending trade dispute between the US and China may lead to increased infrastructure spending, driving demand for steel and iron ore. This will primarily support the larger vessels. For the smaller vessels more dependent on other commodities the outlook is positive but more uncertain. The trade dispute might negatively impact the US grain export but can also lead to increased demand pending how trade routes develop.

Please see the attached First half year 2018 report for more information.

Contacts

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 240 shareholders. See www.westernbulk.com for more information. Western Bulk Chartering AS is registered on N-OTC, and 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.