Flexibility and Optionality

Flexibility and optionality are key drivers in Western Bulk's business model. Our decentralized organization empowers our business units with a high degree of autonomy, who can turn around and make decisions quickly.

Decisions are based on market dynamics and trends in their own part of the world, assisted by input from other business units. In combination with our asset light model, this enables us to rapidly adjust our activity to changing market environments and trading patterns, and to adjust differently in different areas. Our scale provides an additional element of flexibility, as it always puts us in a position to access pockets of opportunity.

The dry bulk market offers access to significant amounts of optionality, such as the option to extend the duration of a time charter contract at a fixed price, the option to replace a vessel with another, and the option to carry different amount of volume on a voyage, all of which further increase our flexibility. Our ability to put this optionality into a system and to utilise it in a structured way adds to our ability to constantly optimise our portfolio. For our customers this means more flexible and more competitive services.

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.