Western Bulk declares Q3 2022 dividend of NOK 3,00 per share

20.10.2022





Western Bulk hereby declares a dividend of USD 10 million based on the company's results for the third quarter of 2022.

The dividend of USD 10 million corresponds to a dividend of NOK 100.9 million, or NOK 3,00 per share. The share will trade ex dividend on October 24th, record date is October 25th and payment date is November 2nd.

As expected the dry bulk market continued its downward trend in the third quarter. Western Bulk managed to utilize the negative sentiment by taking on an overweight of cargo commitments that were covered by vessels at lower rates in a declining market. The Group continues to deliver on good craftmanship with an agile approach to market volatility in combination with implemented strategic and operational initiatives.

The market is expected to be muted going forward as a result of global inflation, economic downturn and slow recovery of the Chinese real-estate market. The Group has limited forward exposure and considers the negative sentiment as an opportunity. At the same time a more depressed market is expected to provide reduced overall market volatility which might lead to somewhat lower results going forward.

The Board also decided to call for an extraordinary general meeting on Thursday November 3rd at 12.00 CET to elect Mr. Kristoffer Sandaker as new board member to replace Mr. Erik Borgen as Mr. Borgen has resigned from the Kistefos Group.

Western Bulk, press release