Western Bulk Expects Full Year After-Tax Profit of $ 75-80 million with Further Strengthening Dividend Capacity

Western Bulk continues its solid performance, increasing expectations for full
year profit after tax for the third time since listing on Euronext Growth in
October this year. With only a few weeks left of 2021, full year profit after
tax is expected to reach between USD 75 million and 80 million. That is an
increase of USD 10-15 million from the guiding of USD 60 million to 70 million
published in November, and an increase of USD 30-35 million since the first full
year guiding was published in August. 

Entering the second half of 2021, the company benefited from a rising market
with an overweight of tonnage commitments compared to cargo. The focus on short
term market exposure has allowed to quickly turn positions and benefit from the
recent market decline. The high market volatility that has been seen in the
market over the last months has allowed for more profit generating
opportunities. The company is also benefiting from its enhanced focus on
customer relations, data driven decisions and operational excellence. 

Following the positive development, a dividend for 2021 will be paid out primo
April. After first quarter of 2022, the company intends to implement a quarterly
dividend policy of minimum 80%, subject to combined working capital and free
cash position being sufficient to support such payouts.  

"The continued solid performance and a record year with profit after tax of USD
75 to USD 80 million provides confidence that we have built a strong team, a
reliable brand and a business model well fit for the high market volatility
within the shipping industry", states Hans Aasnæs, CEO. 


Contacts 
For more information, please contact: 
Hans Aasnæs, CEO 
Tel: +47 922 53957 
E-mail: [email protected] 

Kenneth Thu, CFO 
Tel: +47 988 74302 
E-mail: [email protected] 


About Western Bulk Chartering: 
Western Bulk Chartering AS is a major dry bulk shipping operator. The company is
listed on Euronext Growth Oslo since September 20th, 2021. 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
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.

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