Western Bulk Chartering (WEST) H1 2026 earnings summary

Executive summary

• Recorded a net loss after tax of USD 6.6 million in H1 2026, compared to a USD 2.1 million loss in H1 2025, mainly due to vessel repositioning and disruptions in the Persian Gulf.

• Gross revenues increased to USD 564.2 million, up from USD 499.8 million year-over-year, with an average fleet size rising to 116 vessels.

• Strategic investments in new specialist teams and offices in Bergen and Antwerp to expand into niche markets.

Financial highlights

• Net TC per ship day dropped to USD 247 from USD 383 year-over-year.

• Administrative expenses rose to USD 11.6 million, up from USD 9.8 million, driven by inflation, FX, and team expansion.

• Available cash decreased to USD 17.3 million from USD 29.3 million, impacted by negative results and dividend payments.

• Book equity at period end was USD 42.4 million, down from USD 47.7 million.

Outlook and guidance

• Positive near-term outlook for H2 2026, expecting benefits from vessel repositioning and tight Atlantic tonnage.

• Market conditions remain favorable with elevated tonne-mile demand and potential rate increases due to El Niño and canal congestion.

• Board decided not to declare a dividend for Q2 2026.