Business Units

Western Bulk runs a flat and decentralized commercial structure. Our seven business units run their own book of vessels and cargo contracts, and have responsibility for a geographical area or a vessel segment.

This means that the business units are fully accountable for their own P&L, and that the units themselves decide on their business model and market exposure, subject to a VaR limit, counterpart approval and limits on contract tenures. This organisational structure is extremely transparent and assigns responsibility for results clearly with the ones making the day-to-day decisions. The result is a strong ownership to the bottom line, rather than (for instance) the top line. The structure also facilitates quick decision making with a local flavour.

The setup requires extensive co-operation between the business units, and the units often share cargoes and/or vessels to incentivise performance when fixing in and out vessels. A vessel trading outside a unit's home turf will be handled by the local business unit to avoid competition and to ensure that trading is done by the ones that best know the market in question.

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.