Market and dividend update for Q3

13.10.2025

The sub-Cape segments saw strong gains in Q3, with the Baltic Panamax Index averaging $15,929 per day (+34% from Q2) and the Supramax Index $17,095 (+40% from Q2). Market strength stemmed from robust grain exports from Brazil and the U.S. Gulf, increased coal imports to Asia amid reduced Chinese output, and discharge delays that further tightened vessel supply.

Western Bulk maintained a predominantly long position for Q3, both through open tonnage and FFA contracts. This position increased in value throughout the quarter with the September FFA contract increasing about $5,000 per day for both the Supramax and Panamax segments. A firm spot market, especially in the Atlantic basin also resulted in strong fixtures on period tonnage open in the region. Additionally, the Group realized profitable results from cargoes booked earlier in the year. Altogether, this led to positive net results for Q3, as well as an increase in contract values for Q4.

On Friday, China's Ministry of Transport announced the introduction of special port fees on vessels with U.S. links, marking a renewed escalation in the trade tensions between China and the United States. At the same time, China has imposed new export restrictions on critical minerals, further heightening uncertainty across global markets. Western Bulk is navigating these uncertainties to limit any negative implications for the business, and as a Norwegian operator with an agile approach it might also offer some opportunities.

Although the Group saw positive results for Q3, the year-to-date results are still below satisfaction, and the Board of Directors has decided to defer any dividend decision until the completion of the 2025 financial year. An update on potential dividend distribution will be provided alongside the second-half results report in February 2026.

Western Bulk, press release