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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Western Bulk Chartering
Western Bulk Chartering (WEST) investor relations material
Western Bulk Chartering H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary14 Aug, 2026
Executive summary
Gross revenues reached USD 564.2 million in H1 2026, up from USD 499.8 million year-over-year, with an average fleet of 116 vessels.
Net loss after tax was USD 6.6 million, impacted by vessel repositioning, Persian Gulf disruptions, and market positioning.
Operated 545 voyages, called at 410+ ports in 84 countries, and expanded with new offices in Bergen and Antwerp.
Asset-light model with no interest-bearing debt and strong liquidity position.
Strategic investments in specialist teams and share buyback for employee scheme.
Financial highlights
Net TC margin per ship day was USD 247, down from USD 383 in H1 2025.
EBITDA was negative at USD -6.4 million, compared to USD -2.2 million in H1 2025.
Administrative expenses increased to USD 11.6 million, reflecting inflation, FX effects, and team expansion.
Free cash at period end was USD 17.3 million, with total available liquidity of USD 52.3 million.
Book equity stood at USD 42.4 million, down from USD 47.7 million at year-end 2025.
Outlook and guidance
Positive outlook for H2 2026 and full year, expecting a profitable result and benefits from vessel repositioning.
Atlantic fleet positioned for the strongest seasonal market, with anticipated higher earnings.
Market supported by tight Atlantic tonnage, strong grain flows, El Niño, and potential Panama Canal disruptions.
Longer-term uncertainty due to new vessel deliveries and Chinese demand.
No dividend declared for Q2 2026.
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Latest events from Western Bulk Chartering
- Net profit rose to $5.4 million in 2025, with strong liquidity and strategic expansion initiatives.WEST
H2 2025 - Net TC and revenues fell in H1 2025, but liquidity is strong and market rates improved.WESTH1 2025
- Profit rebounded to $2.5M in H1 2024 amid fleet growth and strong Atlantic market.WESTH1 2024
- Adjusted Net TC was $28.6M in 2024, with strong liquidity and a cautious 2025 outlook.WESTH2 2024
Next Western Bulk Chartering earnings date
H2 202611 Feb, 2027
Western Bulk Chartering
Next Western Bulk Chartering earnings date
H2 202611 Feb, 2027
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Frequently asked questions
Western Bulk Chartering AS operates as a dry bulk shipping company, specializing in the transportation of goods such as minerals, timber, steel, cement, and agricultural products. The company primarily charters Supramax, Ultramax, and Handysize vessels from various owners, using an asset-light model. It focuses on matching cargo with vessels across global markets, leveraging market data and analytics to optimize operations. Western Bulk operates globally, providing services to cargo owners and vessel providers alike. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.