What we do

Western Bulk transports dry bulk commodities for a range of customers worldwide. We offer reliable, flexible and competitive transportation services to our cargo customers, as well as safe and reliable vessel employment for vessel owners.

Historically, about 70% of the activity has been in the Supramax segment, whereas most of the remaining fleet has been made up of Handysize vessels.

Western Bulk has a highly diversified customer base consisting of commodity producers, consumers and traders. In 2016 alone, it did business with more than 400 different cargo customers, of which none accounted for more than 2% of total revenues. Whereas the Company has and seeks to further develop strong and long term relationships with industrial customers, it values this diversification as it reduces the Group's reliance on specific industries or trades. This can also be shown from the mix of commodities carried by Western Bulk in 2016, where the largest commodity by volume accounted for just 21% of total volumes carried.

Western Bulk combines operational expertise in dry bulk shipping with portfolio and risk management techniques and approaches adapted from the financial industry. Given the diversity and complexity of the markets in which the Company operates, it has chosen to build a flat and decentralized organizational structure where decision-making authority is moved out to the regional offices. Specifically, the chartering activity is split into teams (business units) with responsibility for specific geographical areas and/or segments. Within specific limits on risk exposure and duration, and in adherence with company policies, the teams have wide decision-making authority: a team in, for example, Singapore can fix in a vessel or a freight contract without seeking approval from the head office. This enables more nimble decision making, and also ensures that decisions are taken by those that know local markets, conditions and customers best. The result is a significant diversification effect, leading to more stable earnings.

To ensure alignment with Company interests, the teams are measured and incentivized on their direct contribution to the Company bottom line.

There are currently six teams: South Atlantic (incl US Gulf and Casablanca), Steel & Bulk, Indian Ocean, Pacific, US West Coast and Chile.

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.