Cautious optimism for Western Bulk after challenging first half of 2025
(Posted on 25/08/25)
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.
Western Bulk are a leading dry bulk shipping company with a commercially controlled fleet of over 100 - 150 vessels.
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 capitalised 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.
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