

(Posted on 18/08/24)
For the first half of 2024, Western Bulk Chartering AS generated a net profit after tax of USD 2.5 million from a Net TC of USD 15.1 million and Net TC Margin per ship day of USD 626. The number of vessels increased to an average of 133, up from 125 in the same period last year, driven by growth within the Panamax segment.
Western Bulk is a leading dry bulk shipping company with a commercially controlled fleet of over 100 - 150 vessels.
H1 2024 proved to be a strong first half for the dry bulk market. The Baltic Supramax Index 58’(BSI) averaged USD 13,975/day in H1 2024, 17% higher than the USD 11,974/day achieved in H2 2023 and 33% higher than H1 2023. The spread between Atlantic and Pacific markets averaged USD 924/day, down from USD 2,151/day in the same period last year.
Entering the year, the company held a long position with more vessel than cargo commitments, and thus benefited from the strong market. To a large degree, the profit from this long position has been reinvested in repositioning of vessels (back haul) from the Pacific to a typically higher paying Atlantic market, and this is expected to yield substantial returns in the second half. The cost of repositioning vessels has been lower than historical levels due to higher paying steel exports out of China. As is typical with seasonal trends, we anticipate the Atlantic market to outperform the Pacific market in H2-24. The upcoming US grain export season, along with sustained healthy volumes from the South Atlantic, would be key factors driving such outperformance.
The Board of Directors has decided not to declare a dividend for Q2-24 as working capital headroom is needed for volume growth.
In relation to the release of the first half-year results, a digital investor presentation will be held by the company’s interim CEO (Ørjan Svanevik), new CEO (Torbjørn Gjervik) and CFO (Kenneth Thu) on Tuesday 20th of August at 13:00 CET. To attend the presentation, please register via this registration link.
ClassNK has released ‘Prime Shipmanagement Guidelines’ which aim to achieve sustainable... Read more
In the face of unpredictable provisioning costs, port disruptions, and longer lead times MCTC has reinforced... Read more
On the back of the increased gains from sales of vessels and good operational performance, NORDEN, a... Read more
The International Association of Dry Cargo Shipowners (INTERCARGO) has welcomed the recent decision... Read more
Despite its lack of publicity, malaria remains an ongoing epidemic and a perilous threat to seafarers... Read more
Due to market uncertainty, overall sale and purchase levels for Bulkers have fallen year on year, with... Read more
The Britannia Group, a leading P&I insurer, has announced that its Chief Executive, Andrew Cutler... Read more
At last week's landmark MEPC 83 meeting, the International Maritime Organization (IMO) Member States... Read more
In line with NORDEN’s strategy to realise asset values, the global provider of ocean-based freight... Read more
The fifth meeting of the Special Tripartite Committee (STC) of the MLC concluded last week with some... Read more