Western Bulk (ticker: WEST) used the first half of the year to build length and
invest in positioning vessels into higher paying regions. This resulted in a
solid third quarter result and positive net earnings year to date.
The dry bulk market remained strong through Q3, led by Capesize earnings at
their highest level since 2021 on the back of record high iron ore and bauxite
exports out of the Atlantic basin. This strength has filtered down to the
Panamax segment, which has also been supported by continued healthy coal and
grain exports, while slow steaming has reduced effective fleet supply. Geared
vessel charter rates remained strong throughout the quarter, supported by longer
port stays and changes in global trade flows increasing average voyage
durations.
"There is a very positive momentum in the organization and we expect the results
to keep strengthening throughout the year," says Torbjørn Gjervik, CEO of
Western Bulk.
The Board of Directors hereby declares a dividend of NOK 1,39 per share,
equivalent to approximately USD 4.9 million in total. The dividend is resolved
pursuant to the authorization granted by the annual general meeting on 10 April
2026 and is based on Western Bulk's unaudited quarterly management accounts. It
is in line with the company's dividend policy of paying out up to 80% of net
profit in quarterly dividend payments, subject to sufficient free liquidity and
working capital. The shares will trade ex-dividend on 15 October 2026, the
record date is 16 October 2026, and payment will be made on or about 26 October
2026.
Contacts
For more 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
About Western Bulk Chartering:
Western Bulk is a global dry bulk operator and derivatives trader listed on
Euronext Growth Oslo. Propelled by an entrepreneurial spirit, we pair in-depth
maritime knowledge with trading expertise. By combining advanced risk
management, extensive use of market data and analytics to optimize fleet
deployment and vessel-cargo matching, we offer tailor-made solutions serving our
customers needs.
See 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
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 of its date and are subject to change without notice.
Western Bulk Chartering disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
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