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2014-05-07

Western Bulk ASA: Western Bulk ASA - First quarter 2014 results

Oslo, 7 May 2014 -
Western Bulk ASA (OSLO: WBULK) is a leading global dry bulk shipping company
with a commercially controlled average fleet of 178 vessels in Q1-14.

The Net TC result for first quarter 2014 ended at USD 12.4 million (Q4-13: USD
11.7 million), with EBITDA at USD 1.9 million (Q4-13: USD 1.6 million).

The Baltic Supramax Index was on average about USD 11,600/day in Q1-14,
compared to USD 14,000/day in Q4-13. The rates are significantly down since
mid-December, and there has been large basin variances. The Pacific market
was particularly soft during February with less activity due to halt in
Indonesian exports of bauxite and nickel ore and traditionally low activity
during Chinese New Year holiday. The Pacific market has later regained some
strength and outperformed the Atlantic marked during March. The Atlantic
market has consistently weakened during the quarter, and has been hit by
vessels being repositioned from a weak Pacific area and creating overcapacity
in the Atlantic.

WB Chartering entered the quarter with an almost balanced book with slightly
less cargo contracts than vessels, giving a good downside protection in a
falling market. The division fully utilized its 3,100 optional vessels days
available in the quarter at an average charter-in rate of about USD
9,800/day. WB Chartering used the cargo contract coverage booked for Q1-14
during Q4-13 to create a profitable trading pattern in a challenging market
environment. In the anticipation of a seasonal stronger Atlantic area for
Q2-14, the margin per ship day has been negatively impacted from taking more
backhaul cargoes and some ballasting to reposition vessels from the Pacific
area and into the Atlantic area during the quarter.

WB Chartering saw a slight decline in its fleet to 178 vessels operated in
Q1-14, compared to 186 vessels in Q4-13 (153 vessels on average full year
2013) and has added about 5,700 extension option days for future periods.

In March, WB Chartering scaled up the Panamax team by employing 9 persons
previously employed by K2 Shipping in Oslo. In addition, K2 Shipping has
re-let some cargo contracts and chartered-in vessels to WB Chartering.

WB Shipholding took delivery of one new-built Eco-vessel that is charered-in
on long term charter with purchase options. The vessel is chartered out to WB
Chartering on a long term charter.

"Western Bulk saw a marginal improvement of its performance in Q1-14 compared
to Q4-13, despite a weak and very challenging market. We are cautiously
optimistic on the market going forward, and have thus continued to add
attractive optionality for future periods",
says Jens Ismar, Chief Executive Officer of Western Bulk.

Read more in the attached quarterly report and presentation.

CEO Jens Ismar will together with CFO Håvard Furu, present the quarterly
results today at 9.00 am at Hotel Continental, Stortingsgata 24-26, Oslo as
previously announced. The presentation will also be available as web-cast
through our websitehttp://www.westernbulk.com.

For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897
E-mail:jens.ismar@westernbulk.com

Håvard Furu, Chief Financial Officer
Tel: +47 9912 3443
E-mail:havard.furu@westernbulk.com

About Western Bulk:
Western Bulk's shares trade on the Oslo Stock Exchange under the ticker symbol
"WBULK".

For more information visit our websitewww.westernbulk.com.

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 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 disclaims any obligation to update and revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Q1 2014 Report
http://hugin.info/158865/R/1783253/610630.pdf
Q1 2014 Presentation
http://hugin.info/158865/R/1783253/610631.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Western Bulk ASA via Globenewswire

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