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

09.02.2023

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 13th of February, record date is 14th 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.

About Western Bulk
Western Bulk is a major operator of dry bulk vessels in the Handysize, Supramax and Ultramax segments. The Group operates its chartered-in fleet and cargo contracts through its two subsidiaries Western Bulk Carriers AS and Western Bulk Pte Ltd, which are supported by chartering and operations teams in Oslo (Norway), Singapore, Dubai (United Arab Emirates), Seattle (USA), Santiago (Chile), Copenhagen (Denmark) and Casablanca (Morocco).

Western Bulk, press release