Western Bulk publishes First half year 2017 result

Western Bulk has today published its First half year 2017 report.

Solid increase in Net TC and positive EBITDA in 1H-17

In the first half of 2017 the Western Bulk Group posted a positive EBITDA of USD 0.7 million and a net result of USD -2.1 million, a significant improvement from 2016. The net result also exhibited a very positive development during the first half of 2017, increasing from the first to the second quarter, yielding a positive net result for the second quarter of 2017.

Net TC[1] saw a solid increase in the first half of 2017, aided by an improved dry bulk market, market volatility, improved customer relationships, better operational performance and an increased fleet. The market rates exhibited substantial variations throughout the period, allowing the Group to benefit from the increased volatility. Rates are still low compared to historical levels, but considerably higher than the previous 2 years in the same period, with an average of 8,450/day in 1H-17, up from an average of 4,800/day in 1H-16.

"I am pleased to see the solid improvement in performance, in line with our aim to return to profits in 2017. We currently see that Western Bulk’s Net TC in percentage of the market level is getting more in line with the historical performance and are cautiously optimistic to a market showing some signs of recovery” says Jens Ismar, Chief Executive Officer of Western Bulk Chartering.

Outlook 2017

The order book for new tonnage is slowly decreasing. Provided demand increases in line with expected development in GDP and trade volumes, the market is expected to gradually recover. On the path to recovery we expect to see tradeable volatility and basin imbalances, and the first half of 2017 has proved that the Group is on track for the overall aim to return to profits in 2017.


Please see the attached First half year 2017 report for more information.



For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897
E-mail: jens.ismar@westernbulk.com



[1] Definition of Net TC Result: The Net TC result equals gross revenues, less charter hire paid for the vessels, commissions, bunker fuel expenses, port charges and other voyage related expenses, including any realised gain/loss from hedging instruments related to the performed activity in the relevant period. Office expenses, administrative overhead, salaries and bonuses to on-shore staff are not included.

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.