Western Bulk - Positioning for a profitable full year 2026
For the first half of 2026, Western Bulk Chartering AS (Western Bulk, WEST) generated a Net TC Result of USD 5.2 million, corresponding to a Net TC margin of USD 247 per ship day across an average of 116 vessels, compared with USD 383 per ship day across an average of 110 vessels in the first half of 2025. After tax, this resulted in a net loss of USD 6.6 million, against a net loss of USD 2.1 million in the same period last year.
Western Bulk used the first half of the year to build length and position vessels to benefit from a dry bulk market where the forward curves in H2 to date have already increased materially. This had a negative impact on the first half but is expected to have a positive impact on the full year results. In addition, the first half was negatively affected by three vessels temporarily being held up in the Persian Gulf.
With the length built in the first half of the year to position the company for a strong market in the second half, Western Bulk expects the full year 2026 to be profitable.
"Much of the first half shortfall reflects positions we built deliberately and expect to profit from in the second half, and on top of that we had three vessels held up in the Persian Gulf — all now safely out. I am proud of how our people worked through the first half. The book of cargo, tonnage and derivative commitments we are carrying into the second half is stronger than a year ago and gives me real confidence," says Torbjørn Gjervik, CEO of Western Bulk.
The Board of Directors has decided not to declare a dividend for Q2-26.
Following the H1 results, a digital investor presentation will be held by the company’s CEO (Torbjørn Gjervik) and CFO (Kenneth Thu) at 14:00 CET on Monday August 17th. To attend the presentation, please register via the link published on the Investor Relations section of our website.
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
About Western Bulk Chartering:
Western Bulk is a global dry bulk operator and derivatives trader registered on Euronext Growth in Oslo. Propelled by an entrepreneurial spirit, we combine in-depth maritime knowledge with trading expertise. Through combining advanced risk management, extensive use of market data, analytics to optimize fleet deployment and vessel-cargo matching, we offer tailor-made solutions serving our customers´ needs.
See westernbulk.com for more information.
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.