Press - Western Bulk

Dividend and market update for first quarter

The Board of Directors has decided not to declare a dividend for the first quarter of 2025. Through the first months of 2025, the dry bulk market followed a typical seasonal pattern, with rates softening into early February before rebounding through March.

26.05.2025

H2 2024 and preliminary FY 2024 Financial Report

Western Bulk improved its trading performance (Net TC) with USD 15 million to USD 24.4 million in 2024, while restructuring the business to lower the annual G&A costs by 15% to USD 22 million going forward.

14.02.2025

Dividend and market update for third quarter

Coming out of summer, the group held a significant long position, primarily in tonnage positioned in the Atlantic basin. However, the anticipated seasonal market push in Atlantic failed to materialize.

10.10.2024

Reports net profit of USD 2.5 million in H1 2024

For the first half of 2024, Western Bulk Chartering AS generated a net profit after tax of USD 2.5 million from a Net TC of USD 15.1 million and Net TC Margin per ship day of USD 626.

15.08.2024

Realizes USD 4.5 million vessel sale profit

Western Bulk announces the sale of the 2019-built ultramax vessel Western Oslo, following the exercise of a vessel purchase option.

10.07.2024

Western Bulk appoints new Head of North Atlantic

Joachim Frantsen has been appointed as the new Head of the North Atlantic desk, effective 1 September. He succeeds Torbjørn Gjervik who has been promoted to Group CEO.

25.06.2024

Torbjørn Gjervik appointed CEO

Western Bulk today announces the appointment of Torbjørn Gjervik as Chief Executive Officer effective September 1st 2024.

17.06.2024

Western Bulk appoints new Head of Indian Ocean

Following a strong growth within the Panamax segment, Western Bulk appoints Amit Jakhmola as the company’s new Head the Indian Ocean desk, effective 1 September.

13.06.2024

Dividend for first quarter and update on Panamax division

Western Bulk has used the seasonality in the first quarter of 2024 to position itself for profitability in the coming quarters, consequently no dividend will be declared for this period.

23.05.2024

Annual Report 2023

The Board of Directors of Western Bulk Chartering AS today reviewed and approved the annual report for 2023.

13.03.2024

Announces Interim CEO

The Board of Directors of Western Bulk Chartering AS today announces the appointment of Board member Ørjan Svanevik as interim Chief Executive Officer

04.03.2024

H2 2023 and preliminary FY 2023 Financial Report

Western Bulk publishes second half and preliminary full year results for 2023 and announces that Hans Aasnæs will step down from his position as CEO.

15.02.2024

Invitation to Investor Presentation

In connection with the release of the second half-year and preliminary full year 2023 results on Thursday February 15th, a digital investor presentation will be held by the company’s CEO (Hans Aasnæs) and CFO (Kenneth Thu) on Friday February 16th at 11:00 CET.

08.02.2024

Weak performance for Western Bulk in 2023

Trading performance has been weak in the second half of 2023, leading to an expected net loss after tax of 14 to 16 mUSD for the full year. Although Net TC is positive in all quarters, it has not been sufficient to generate positive net earnings.

22.12.2023

Third quarter results below expectations and no dividend declared for Q3-23

Western Bulk's third quarter results were below expectations. No dividend will be declared for Q3-23.

13.10.2023

H1 2023 Financial Report

Western Bulk had a loss of USD -4.8 million in the first half of 2023 while increasing volume and positioning vessels for a profitable second half of 2023

15.08.2023

Increasing volume and expecting a minor negative result for the first half of 2023. No dividend declared for Q1-23.

Western Bulk is increasing volume and expecting a minor negative result for the first half of 2023. No dividend declared for Q1-23.

09.05.2023

Annual Report 2022

Western Bulk achieved a net profit after tax of USD 66.0 million from USD 1.62 billion in gross revenues in 2022

16.03.2023

H2 2022 and preliminary FY 2022 Financial Report

Western Bulk generated a record net profit after tax of USD 28.6 million in the second half of 2022 and full year profit of USD 66 million from USD 1.6 billion in gross revenues. Declares Q4 2022 dividend of NOK 3 per share

09.02.2023

Declares Q3 2022 dividend

Western Bulk declares Q3 2022 dividend of NOK 3,00 per share

20.10.2022

H1 2022 Financial Report

Western Bulk achieved a record first half year with net profit after tax of USD 37.4 million and declares dividend for Q222 of USD 13 million

15.08.2022

Invitation to Investor Presentation

Western Bulk is inviting to an investor presentation in connection with the release of its H1 2022 Financial Report

09.08.2022

Expecting record first half year

Western Bulk is expecting record first half year with net profit after tax of USD 37 to 40 million in H1-22

14.06.2022

Declares Q1 2022 dividend

Western Bulk declares Q1 2022 dividend of NOK 4,24 per share

25.04.2022

Expecting record Q1 2022 result

Western Bulk is expecting record Q1 2022 result with net profit after tax of USD 18 to 20 million

29.03.2022

Annual Report 2021

Western Bulk publishes 2021 annual report with record net profit after tax of USD 81 and will pay dividend of USD 65 million end of March

11.03.2022

H2 2021 and preliminary FY 2021 Financial Report

Western Bulk generated a record net profit after tax of USD 72 million in the second half of 2021 and full year profit of USD 81 million from USD 1.49 billion in gross revenues

17.02.2022

Publication of H2-21 report postponed

The publication of the H2-21 report has been postponed until 17th of February

10.02.2022

First delivery of carbon offset combined with bio fuel

Western Bulk takes delivery of first carbon offset combined with bio fuel from TFG Marine

07.02.2022

Invitation to Investor Presentation

Western Bulk is inviting to an investor presentation in connection with the release of its H2 2021 Financial Report

04.02.2022

Western Bulk increases expectations for full year profit after tax

Western Bulk is expecting full year profit after tax of USD 75 million to USD 80 million with further strengthened dividend capacity

15.12.2021

Western Bulk expecting record year

Western Bulk expecting record year with full year profit after tax of USD 60 million to USD 70 million and dividend of minimum USD 40 million

09.11.2021

Opening office in Dubai

Western Bulk is opening an office in Dubai.

27.10.2021

Updated guiding for full year 2021 net profit after tax

Full year net profit after tax for 2021 expected to reach between USD 50 to 60 million.

05.10.2021

Offering successfully completed

Western Bulk is pleased to announce that the Offering has been successfully completed with the allocation of 4,340,000 Offer Shares at a price of NOK 30.00 per Offer Share, resulting in a total transaction size of approx. NOK 130 million.

08.09.2021

Contemplated private placement and listing on Euronext Growth Oslo

The private placement will consist of a primary offering of up to 3,950,000 new shares to be issued by the company to raise gross proceeds of up to NOK 118.5 million, equivalent to approximately USD 13.7 million.

06.09.2021

Western Bulk publishes First Half 2021 results

In the first half of 2021 Western Bulk achieved a net profit of USD 9.0 million, a significant improvement from a loss of USD -2.9 million in the same period of 2020.

04.08.2021

Western Bulk publishes Annual Report 2020

Today Western Bulk published its 2020 Annual Report with a full year net profit after tax of USD 3.2 million and a Net TC result of USD 26.7 million.

18.03.2021

Second Half and preliminary 2020 results

In a year dominated by pandemic and lockdowns, Western Bulk is very satisfied to post significant improvements with second half year net profit.

11.02.2021

First half year 2020 results

Well positioned for the market downturn but negatively impacted by the Covid-19 supply chain disruptions.

04.08.2020

Media contacts

Kenneth Thu

Chief Financial Officer

+47 23 13 34 00

Torbjorn Gjervik

Chief Executive Officer

+47 23 13 34 94