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Western Bulk Chartering (WEST) investor relations material
Western Bulk Chartering H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary21 Aug, 2025
Executive summary
Net TC result for H1 2025 was $7.6 million, down from $15.1 million year-over-year, with a net loss after tax of $2.1 million compared to a $2.5 million profit in H1 2024, impacted by high-cost period vessels and market volatility.
Gross revenues declined to $499.8 million from $647.4 million year-over-year, reflecting lower market activity and volumes.
Administrative expenses were reduced to $9.8 million, well within the annual target, due to cost-saving initiatives.
Average number of ships operated decreased to 110 from 133, with a net TC margin per ship day of $383.
No dividend declared for Q2 2025; Espen Åbø joined the Board in June 2025.
Financial highlights
EBITDA for H1 2025 was negative at $(2.2) million, compared to $2.4 million in H1 2024.
Free cash stood at $29.3 million at period end, with no interest-bearing debt and available liquidity of $64 million.
Book equity was $48 million as of June 30, 2025.
Working capital requirements were $10-15 million, mainly driven by accounts receivables and bunker stocks.
Net TC margin per ship day was $383, down from $626 year-over-year.
Outlook and guidance
Market outlook for H2 2025 is cautiously optimistic, with expected seasonal and structural support for stronger rates, especially in Q3.
Cautious outlook for Q4 due to US-China trade tensions and weak US soybean exports, which may impact Atlantic basin activity.
Positive outlook for 2026, supported by anticipated growth in iron ore exports from Guinea.
Risks remain from weak Chinese demand, geopolitical uncertainty, and continued fleet growth.
Explain Q2 Net TC improvement drivers
Elaborate on 2026 market optimism
Detail the strategy for margin improvement
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Next Western Bulk Chartering earnings date
H2 202512 Feb, 2026
Next Western Bulk Chartering earnings date
H2 202512 Feb, 2026
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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.
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