Key Figures

Profit & Loss

mUSD

Western Bulk 

1H 2017

1H 2016

FY 2016

 FY 2015

Net TC result

15,1

1,3

4,4

 44,5

Administration expenses

-14,4

-11,4

-23,5

 -35,4

EBITDA

0,7

-10,1

-19,2

 9,1

Result for the period *

-2,1

-10,0

-20,0

 7,2

Number of ships operated

143

120

125

 155

Net TC Margin per Ship Day (USD)

585

60

96

 785

Balance Sheet

mUSD

Western Bulk 

31.12.14

31.12.2015

 31.12.2016

 30.06.2017

Non Current Assets

1,8

1,8

 2,6

 2,6

Bank Deposits **

57,2

52,7

 33,0

 50,3

Other Current Assets

138,8

62,8

 63,1

 40,0

Total Assets

197,8

117,3

 98,6

 93,0

Equity

66,9

47,1

 13,8

 14,6

Long Term Liabilities

6,3

 5,2

 36,3

 36,8

Short Term Liabilities

124,6

 65,0

 48,6

 41,6

Total Equity and Liabilities

197,8

117,3

 98,6

 93,0

All figures are based on Norwegian General Accepted Accounting Principles (N-GAAP)
*       H1-16 figures are excluding USD -8.1m in losses, write-offs, provisions, and other impairment charges with no cash effect.
         FY 2016 figures are excluding USD -16.9m in losses, write-offs, provisions, and other impairment charges with no cash effect.
         FY 2015 figures are excluding USD -23.3m in write-offs.
**     Of which restricted bank deposits USDm 31.12.14; 10,3 31.12.15; 6,4, 31.12.16; 6,3 30.06.17; 6,3

The book equity amount as of 31.12.16 includes USD 15 million related to the private placement which was completed in March 2017, raising a total of USD 18 million.
The USD 15 million included at year-end equals the minimum amount which was guaranteed prior to year-end. The corresponding receivable for the subscription amount is included as Other current assets at the balance sheet date.

 

Western Bulk

Email and IT-related Fraud Alert

There is an increasing risk of attempted fraud and other security threats via email. In particular, Western Bulk has noticed an increase of fraudulent requests to change bank account details of suppliers/creditors, in an attempt to redirect payments to criminals and not to the intended recipient. We encourage everyone to be vigilant and learn to detect fraudulent email instructions - seemingly legitimate emails may contain fraudulent information, this is not just a cybersecurity matter.

As a result, Western Bulk will treat any notice of bank account changes as suspicious. Urgent pressure to effect payment as soon as possible without verification of the changes will also be treated as suspicious.

Please note that Western Bulk would not inform of changes to bank account details by email notice alone. In the unlikely event that we need to change a beneficiary name or our other bank account details, we would personally contact our supplier or customer in order to personally verify any change in details.

Similarly, we ask that all our suppliers and creditors:

1. first notify us in writing and
2. personally verify any change in bank details or change in beneficiary in any payment advice to Western Bulk.

In summary, notices of bank account changes will require voice confirmation from your Western Bulk contact, either by telephone or face to face, before payment can be authorised so please make sure to notify any changes in good time.