Western Bulk looks to “promising” 2021
(Posted on 22/03/21)
Oslo-based global dry bulk operator, Western Bulk has published its 2020 Annual Report with a full year net profit after tax of USD 3.2 million and a Net TC result of USD 26.7 million. This is in line with what was published in the 2020 Second half year report and is a satisfying result in the context of the Covid-19 supply chain and marked disruptions encountered throughout 2020.
As the uncertainty related to COVID-19 has come more under control in 2021, Western Bulk has gradually been increasing the volume of vessels from a historically low level in 2020. With a new tonnage function in place, the company has increased period activity and is seeing positive impacts from the work on building relationships with core vessel owners and cargo customers. The new commercial teams are also settling in and value is being created by increased cooperation across teams. Combined with enhanced focus on operational excellence and data driven decisions, there is an expectation of positive development going forward. The prospects for the full year of 2021 are more promising than they have been for several years, although the results for the first half of 2021 are likely to be somewhat dominated by investments in repositioning of vessels and increase of volume.
The company has summoned to an extraordinary general meeting on 26 March 2021 to approve and establish an Employee Share Scheme granting all Western Bulk employees the possibility to purchase shares in the company at a discounted price. As part of the Employee Share Scheme, the executive management consisting of Hans Aasnæs, Egil Husby and Kenneth Thu will subscribe shares for a total of NOK 7.8 million.
During the second half of 2020 we continued to implement our strategy to seek trading excellence, operational excellence and data driven decision making. Combined with an improved market, good choice of trade patterns and lower costs, this led to a Net TC of almost USD 19 million and net profit of USD 6.1 million for the second half of the year.
Latest News
Damen completes green retrofit project for BAM Shipping
(Posted on 15/05/25)Damen Shipyards Group, together with partners including Atal Solutions has completed its retrofit of... Read more
NORDEN expands MPP fleet, reinforcing growth in Projects & Parcelling
(Posted on 15/05/25)NORDEN has announced that it has signed agreements for two additional 17,500 dwt Multi-purpose (MPP)... Read more
ClassNK’s ‘Guidelines for Safety Operation for Ammonia-Fueled Vessels’
(Posted on 15/05/25)ClassNK has released the ‘Guidelines for Safety Operation for Ammonia-Fueled Vessels’ for... Read more
Better safeguarding measures needed to support cadets at sea
(Posted on 07/05/25)Cadets are increasingly struggling to complete their cadetships due to a shortage of available placements... Read more
Algoma focuses on reliable service and fleet improvements
(Posted on 07/05/25)Algoma Central Corporation has reported its results for the three months ended March 31, 2025. Algoma... Read more
ClassNK releases ‘Prime Shipmanagement Guidelines’
(Posted on 01/05/25)ClassNK has released ‘Prime Shipmanagement Guidelines’ which aim to achieve sustainable... Read more
MCTC ensures quality remains at top of the table amid global tensions
(Posted on 30/04/25)In the face of unpredictable provisioning costs, port disruptions, and longer lead times MCTC has reinforced... Read more
NORDEN raises full-year guidance for 2025
(Posted on 28/04/25)On the back of the increased gains from sales of vessels and good operational performance, NORDEN, a... Read more
INTERCARGO welcomes ILO recognition of seafarers as key workers
(Posted on 28/04/25)The International Association of Dry Cargo Shipowners (INTERCARGO) has welcomed the recent decision... Read more
MMS advises why seafarers must remain vigilant about malaria
(Posted on 25/04/25)Despite its lack of publicity, malaria remains an ongoing epidemic and a perilous threat to seafarers... Read more
