Positioning the company for further growth in co-investment and commercial
management services
Western Bulk, together with reputable Norwegian partners A/S J. Ludwig
Mowinckels Rederi, Premium Maritime Fund 2024 AS managed by NRP Asset Management
and Pactum AS, have acquired the vessel MV CSSC Shi Jia Zhuang. The vessel will
be renamed Western Egda. She is an Eco-design Kamsarmax built in 2020 in China
and has recently completed her five-year special survey. Western Bulk will hold
22 % ownership, and the transaction is expected to close next week.
Western Bulk will assume responsibility for commercial management and business
management. This will allow the vessel to enjoy the full benefits from the
company's global commercial platform, including customer and supplier networks,
chartering and operational expertise, as well as a broad range of inhouse
support functions.
Commenting on the transaction, CEO Torbjørn Gjervik says:
"We are very excited to re-enter ship ownership together with a strong group of
partners. This is an area where we can add significant value through our global
commercial platform".
Western Bulk will continue expanding its co-investment and commercial management
activities with partners who value transparency, and a collaborative approach to
ownership.
The company currently operates about 110 vessels in the Handy to Kamsarmax
segments and fixes between 500 and 600 unique vessels per year. Data from these
fixtures provide a solid competitive advantage for assessing vessel performance,
prior to any purchase.
"We welcome inquiries from parties that are interested in the benefits of
gaining access to Western BulkŽs commercial platform", states Torbjørn Gjervik.
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.