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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 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 reduced to $9.8 million, down $3 million year-over-year, supporting cost control efforts.
Average number of ships operated decreased to 110 from 133 in H1 2024, with a net TC margin per ship day of $383, down from $626.
No dividend declared for Q2 2025; Espen Åbø joined the Board in June 2025.
Financial highlights
EBITDA for H1 2025 was -$2.2 million, compared to $2.4 million in H1 2024.
Free cash at period end was $29.3 million, with no interest-bearing debt and available liquidity of $64 million.
Book equity was $48 million as of June 30, 2025; total assets $104.7 million; total liabilities $57.0 million.
Working capital requirements were $10-15 million, mainly driven by accounts receivables and bunker stocks.
Outlook and guidance
Market rates improved significantly over the summer, raising expectations for H2 2025 and into 2026.
Cautious outlook for Q4 due to U.S.-China trade tensions and weak U.S. 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.
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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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