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
For the second half of 2022, Western Bulk generated a net profit after tax of USD 28.6 million, reaching a full-year net profit after tax of USD 66.0 million. That is the second-best full year result in the company’s history, only outperformed by last year’s net profit after tax of USD 81.0 million for the full-year of 2021.
Entering the second half of 2022, Supramax market rates were at about 25.200 USD/day and declined more or less continuously over the six-month period, ending the year at about 10.600 USD/day. With focus on good craftsmanship, and by trading the short-term market, Western Bulk managed to utilize the market decline by covering cargo commitments with vessels at lower rates. In particular spot arbitrage trading did well, as decision-making has been improved through the use of data combined with good cooperation between regions.
The high market volatility measured in USD as seen in 2021 and 2022 has come down as rates have declined. Currrent Supramax spot rates are at about 7.500 USD/day, and the global dry bulk market is expected to face continued headwinds in the near term before starting another upward cycle towards the end of 2023. The company therefore anticipates lower results in the first half of 2023 compared to the second half of 2022.
Based on the results, Western Bulk hereby declares a quarterly dividend of NOK 3 per share for the fourth quarter, totalling a dividend of USD 10 million. The ex-dividend date is 14th of February, record date is 15th of February and payment date is 22nd of February.
In relation to the release of the second half-year results, a digital investor presentation will be held by the company’s CEO (Hans Aasnæs) and CFO (Kenneth Thu) on Tuesday 14th of February at 13:00 CET. If you would like to attend the presentation, please register your interest by sending an email to IR@westernbulk.com within February 13th at 16:00 CET and you will receive a digital meeting invite in return.
For more information, please click here for the second half report 2022.
Contacts
For more information, please contact:
Hans Aasnæs, Chief Executive Officer
Tel: +47 922 53957
E-mail: hans.aasnas@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.