For the first half of 2025, Western Bulk Chartering AS (Western Bulk, WEST)
generated a positive Net TC margin of USD 383 per ship day across an average of
110 vessels, corresponding to a Net TC of USD 7.6 million. After tax, this
resulted in a net loss of USD 2.1 million.
The first half year results were negatively impacted by losses from some period
vessels fixed at high market levels in 2024 with their remaining high-cost
exposure affecting performance in the first quarter of 2025. Performance
improved in the second quarter as the group capitalized on the weak market by
being net short both through FFAs and physical cargoes.
Overall, the combination of low market volatility and elevated geopolitical
tensions made the first half of the year a challenging operating environment.
The Baltic Supramax Index 63' (BSI) averaged at USD 11,243 per day, down 30%
compared to H1 2024, while the Baltic Panamax Index 82' (BPI) averaged at USD
10,701 per day down 33% compared to H1 2024, reflecting a subdued freight
environment.
Looking at the second half of 2025, the market outlook is cautiously more
optimistic, as several seasonal and structural factors are expected to provide
support for a stronger market. An improved market in the beginning of H2 2025
has already lifted vessel earnings and are adding momentum to the company's
current position.
The Board of Directors has decided not to declare a dividend for Q2-25.
In relation to the release of the results, a digital investor presentation will
be held by the company's CEO (Torbjørn Gjervik) and CFO (Kenneth Thu) on
Thursday 21st of August at 13:00 CET. To attend the presentation, please
register via the link published on the Investor Relations section of our
website.
Contacts
For more information, please contact:
Torbjørn Gjervik, Chief Executive Officer
Tel: +47 940 28211
E-mail: torbjorn.gjervik@westernbulk.com
Kenneth Thu, Chief Financial Officer
Tel: +47 988 74302
E-mail: kenneth.thu@westernbulk.com
About Western Bulk Chartering:
Western Bulk is a global dry bulk operator and derivatives trader registered on
Euronext Growth in Oslo. Propelled by an entrepreneurial spirit, we combine
in-depth maritime knowledge with trading expertise. Through combining advanced
risk management, extensive use of market data, analytics to optimize fleet
deployment and vessel-cargo matching, we offer tailor-made solutions serving our
customersŽ needs.
See westernbulk.com for more information.
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 Chartering
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 Chartering disclaims any obligation to update and revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.