For the first half of 2026, Western Bulk Chartering AS (Western Bulk, WEST)
generated a Net TC Result of USD 5.2 million, corresponding to a Net TC margin
of USD 247 per ship day across an average of 116 vessels, compared with USD 383
per ship day across an average of 110 vessels in the first half of 2025. After
tax, this resulted in a net loss of USD 6.6 million, against a net loss of USD
2.1 million in the same period last year.
Western Bulk used the first half of the year to build length and position
vessels to benefit from a dry bulk market where the forward curves in H2 to date
have already increased materially. This had a negative impact on the first half
but is expected to have a positive impact on the full year results. In addition,
the first half was negatively affected by three vessels temporarily being held
up in the Persian Gulf.
With the length built in the first half of the year to position the company for
a strong market in the second half, Western Bulk expects the full year 2026 to
be profitable.
"Much of the first half shortfall reflects positions we built deliberately and
expect to profit from in the second half, and on top of that we had three
vessels held up in the Persian Gulf - all now safely out. I am proud of how our
people worked through the first half. The book of cargo, tonnage and derivative
commitments we are carrying into the second half is stronger than a year ago and
gives me real confidence," says Torbjørn Gjervik, CEO of Western Bulk.
The Board of Directors has decided not to declare a dividend for Q2-26.
Following the H1 results, a digital investor presentation will be held by the
company's CEO (Torbjørn Gjervik) and CFO (Kenneth Thu) at 14:00 CET on Monday
August 17th. 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.
e and revise any\
forward-looking statements\, whether as a result of new information\, future\
events or otherwise.\