Western Bulk reports first half 2025 results

For the first half of 2025, Western Bulk Chartering AS (Western Bulk, WEST) generated a positive Net TC margin of USD 383 per ship day across an average of 110 vessels, corresponding to a Net TC of USD 7.6 million. After tax, this resulted in a net loss of USD 2.1 million.

The first half year results were negatively impacted by losses from some period vessels fixed at high market levels in 2024 with their remaining high-cost exposure affecting performance in the first quarter of 2025. Performance improved in the second quarter as the group capitalized on the weak market by being net short both through FFAs and physical cargoes.

Overall, the combination of low market volatility and elevated geopolitical tensions made the first half of the year a challenging operating environment.

The Baltic Supramax Index 63’ (BSI) averaged at USD 11,243 per day, down 30% compared to H1 2024, while the Baltic Panamax Index 82’ (BPI) averaged at USD 10,701 per day down 33% compared to H1 2024, reflecting a subdued freight environment.

Looking at the second half of 2025, the market outlook is cautiously more optimistic, as several seasonal and structural factors are expected to provide support for a stronger market. An improved market in the beginning of H2 2025 has already lifted vessel earnings and are adding momentum to the company’s current position.

The Board of Directors has decided not to declare a dividend for Q2-25.

In relation to the release of the results, a digital investor presentation will be held by the company’s CEO (Torbjørn Gjervik) and CFO (Kenneth Thu) on Thursday 21st of August at 13:00 CET. To attend the presentation, please register via the link published on the Investor Relations section of our website. 

Half Year H1 2025 Financial Report

Contacts
For more information, please contact:

Torbjørn Gjervik, Chief Executive Officer
Tel: +47 940 28211
E-mail: torbjorn.gjervik@westernbulk.com

Kenneth Thu, Chief Financial Officer
Tel: +47 988 74302
E-mail: kenneth.thu@westernbulk.com

DISCLAIMERS

This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” "continue," “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Western Bulk Chartering believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.

The information, opinions and forward-looking statements contained in this release speak only as at its date and are subject to change without notice Western Bulk Chartering disclaims any obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.