Western Bulk spins off chartering unit

One of Norway's biggest dry bulk carriers, Western Bulk, has decided to divest subsidiary Western Bulk Chartering AS in an effort to safeguard the company in light of its exposure to an extremely challenging market.

The extremely weak dry bulk market has now spurred Norwegian carrier Western Bulk to spin off its chartering activities combined in subsidiary Western Bulk Chartering AS.

The transaction will "alleviate the company's challenging liquidity situation" and help reduce shareholders in the chartering unit's exposure to the dire dry bulk market, informs Western Bulk in a corporate statement after the company's share was suspended from trading on the Oslo Stock Exchange earlier on Monday.

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