Western Bulk resumes dividend payments following stronger dry bulk performance
Western Bulk Chartering has announced the resumption of dividend payments following an improvement in its financial performance during the third quarter of 2026, supported by stronger conditions across the dry bulk shipping market.
The Norwegian company, listed on Euronext Growth Oslo under the ticker WEST, declared a dividend of NOK 1.39 per share, representing a total distribution of approximately US$4.9 million. The decision follows two consecutive quarters without dividend payments and reflects what the company described as solid third-quarter performance and positive net earnings for the year to date.
According to Western Bulk, its positioning strategy during the first half of 2026 contributed to the improved results. The company had increased its exposure to the freight market and positioned vessels in regions offering higher returns, allowing it to benefit from stronger chartering conditions during the third quarter.
Dry bulk market supports stronger performance
Western Bulk reported that dry bulk freight markets remained firm throughout the third quarter, with Capesize earnings reaching their highest levels since 2021. The company attributed this development partly to record iron ore and bauxite exports from the Atlantic basin.
Stronger conditions also extended to the Panamax segment, supported by coal and grain shipments, while slower vessel operating speeds reduced effective fleet supply. Rates for geared bulk carriers remained elevated, with longer port stays and changes in global trade flows contributing to increased average voyage durations.
Torbjørn Gjervik, Chief Executive Officer of Western Bulk, expressed optimism about the company’s operational momentum and indicated that management expects further improvement in results during the remainder of 2026.
Dividend timetable and distribution policy
The dividend was approved by Western Bulk’s Board of Directors under the authorisation granted at the company’s Annual General Meeting on 10 April 2026. The decision was based on unaudited quarterly management accounts.
Western Bulk’s dividend policy provides for distributions of up to 80% of net profit through quarterly payments, subject to sufficient available liquidity and working capital.
The last trading day carrying the right to the dividend is 14 October 2026. Shares will trade ex-dividend from 15 October, with the record date set for 16 October and payment scheduled for approximately 26 October 2026.
The distribution marks the company’s first dividend declaration since February 2026, when it announced a payment relating to the fourth quarter of 2025.
