Western Bulk Chartering (WEST) H1 2026 earnings summary

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.