Western Bulk 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.