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.
Latest News
NORDEN acquires Southern African cargo activities of Taylor Maritime
(Posted on 02/12/25)NORDEN has acquired the cargo activities of Taylor Maritime in Southern Africa (previously operated... Read more
IMO delay could spark fragmentation risks, warns EmissionLink
(Posted on 02/12/25)Philippos Ioulianou, Managing Director of EmissionLink, has warned the IMO’s decision to delay... Read more
VIKAND highlights bullying and harassment as major mental health concern
(Posted on 02/12/25)VIKAND has highlighted the need for cultural change in the maritime sector as reports of bullying, harassment... Read more
DNV and WMMF guide to support shipowners' path to net-zero
(Posted on 24/11/25)The maritime industry is experiencing a period of significant transformation, driven by rapidly evolving... Read more
NorthStandard takes prudent position on P&I premiums
(Posted on 24/11/25)NorthStandard has advised Members of a 5% increase in P&I premiums for the marine insurance year... Read more
Anemoi completes Rotor Sail installation on NS United bulk carrier
(Posted on 15/11/25)Anemoi Marine Technologies, the UK-based leading designer of Rotor Sails for wind-assisted ship propulsion... Read more
LR and Marshall Islands certify Helm CONNECT electronic record books
(Posted on 14/11/25)Helm Operations has announced that nine electronic record books within Helm CONNECT Logbook have been... Read more
Sailors’ Society launches increased support for Chinese seafarers
(Posted on 13/11/25)International maritime welfare charity Sailors’ Society has announced a significant expansion... Read more
NORDEN signs two-year contract with US wood pellet producer
(Posted on 10/11/25)NORDEN has signed a two-year Contract of Affreightment (COA) with Enviva to transport a significant... Read more
Algoma reports strong core results and continued fleet growth
(Posted on 10/11/25)Algoma Central Corporation has reported its results for the three and nine months ended 30 September... Read more
