Western Bulk achieved a net profit after tax of USD 66.0 million from USD 1.62 billion in gross revenues in 2022

In a very volatile market, Western Bulk continued its high trading performance, harvesting rewards from investments in operational improvement, excellence in execution and data driven decision making. A net profit after tax of USD 66.0 million for 2022 represents the second-best full year result in the company’s history, only outperformed by last year’s net profit after tax of USD 81.0 million for 2021.

Western Bulk had an extraordinary good start to 2022 as the high market volatility seen in 2021 continued into 2022. With focus on trading the short-term market, the company managed to utilize this both in respect of total market levels and relative levels between the Atlantic and Pacific basins. High market volatility creates temporary mispricing between regions, vessel sizes and cargoes which the company can utilize through its agile approach.

Entering the second half of 2022, Supramax market rates declined continuously over the six-month period. Through good craftsmanship Western Bulk managed to utilize the market decline by covering cargo commitments with vessels at lower rates. In particular spot arbitrage trading did well, as decision-making has been improved using data.

The market came down further at the start of 2023 as part of the seasonal slowdown during the Chinese New Year holidays. Since then it has increased, driven by improved  economic prospects in China and Southeast Asia. So far the first quarter has provided rather limited returns for Western Bulk while the increased market rates and volatility is expected to contribute to improved earnings for the remainder of the year.

The Board of Directors calls for the Annual General Meeting to be held on Thursday March 30th at 10.00 CET in the company's office in Henrik Ibsens Gate 100, Oslo.

Please click here for the full Annual Report 2022. 

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.