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

In a very volatile market, Western Bulk continued its high trading performance, harvesting rewards from investments in operational improvement, excellence in execution and data driven decision making. A net profit after tax of USD 66.0 million for 2022 represents 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 2021.

Western Bulk had an extraordinary good start to 2022 as the high market volatility seen in 2021 continued into 2022. With focus on trading the short-term market, the company managed to utilize this both in respect of total market levels and relative levels between the Atlantic and Pacific basins. High market volatility creates temporary mispricing between regions, vessel sizes and cargoes which the company can utilize through its agile approach.

Entering the second half of 2022, Supramax market rates declined continuously over the six-month period. Through good craftsmanship 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 using data.

The market came down further at the start of 2023 as part of the seasonal slowdown during the Chinese New Year holidays. Since then it has increased, driven by improved economic prospects in China and Southeast Asia. So far the first quarter has provided rather limited returns for Western Bulk while the increased market rates and volatility is expected to contribute to improved earnings for the remainder of the year.

The Board of Directors calls for the Annual General Meeting to be held on Thursday March 30th at 10.00 CET in the company's office in Henrik Ibsens Gate 100, Oslo.

Please click here for the full Annual 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