Western Bulk publishes 2021 annual report with record net profit after tax of USD 81 and will pay dividend of USD 65 million end of March

Western Bulk has utilised the increased market volatility and seen returns on investments in operational improvement, excellence in execution and data driven decision making. This led to a record net profit after tax of USD 81 million from gross revenues of USD 1.49 billion.

Market volatility has been significantly higher in 2021 than previous years. Throughout the year, the company was well positioned to benefit from a market increase. By staying loyal to the strategy of utilizing the company’s risk capacity in the short-term market, the company also proved an ability to turn positions and benefit from the market decline in November and December. The high market volatility between the Atlantic and the Pacific basins also provided increased arbitrage opportunities for geographical positioning of vessels.

To a large extent the good results can be attributed to a change in the company’s culture, strategic discipline and cooperation between functions and offices. This has allowed for new trading patterns to be developed and a more holistic approach to management of the group’s fleet.

Increased focus on operations as a key value driver has also contributed significantly to the results and strengthened Western Bulk’s relationship with customers and vessel owners. The combination of investments in data driven decision making and focus on excellence in execution have also been key contributors to the results.

The Board of Directors has proposed a dividend for 2021 of USD 65 million to the Annual General Meeting to be held on the 17^th of March. The proposal implies that the share will be trading excluding dividend as of Monday 21^st of March with dividend paid end of March.

Western Bulk has had a good start to 2022. The escalating situation following Russia's invasion of Ukraine has had limited impact on the Group and is not expected to have negative impact in the near term.

“We have built a strong culture of co-operation, agility and continuous improvement. Through this, and by staying loyal to the strategy of utilizing the company’s risk capacity in the short-term market, Western Bulk is in a good position entering 2022, states Hans Aasnæs, CEO of Western Bulk”.

Please see the attached annual report 2021 for more information. 

Contacts

For more information, please contact:

Hans Aasnæs, Chief Executive Officer
Tel: +47 922 53957
E-mail: hans.aasnas@westernbulk.com

Kenneth Thu, Chief Financial Officer
Tel: +47 988 74302
E-mail: kenneth.thu@westernbulk.com

DISCLAIMERS

This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” "continue," “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Western Bulk Chartering believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.

The information, opinions and forward-looking statements contained in this release speak only as at its date and are subject to change without notice Western Bulk Chartering disclaims any obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.