Western Bulk reports US$2.5m net profit in first half of 2024
(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.
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
