Western Bulk is expecting record first half year with net profit after tax of USD 37 to 40 million in H1-22

Western Bulk has had an exceptionally good start to the year, benefiting from it’s strategic initiatives and agile approach to market volatility. This has lead to significant outperformance of expectations indicated in April and net profit after tax for the first half year is expected to end in the range of USD 37 to 40 million. This will be the best first half  year result in the company’s 40 year history.

Since April the Supramax market has been hoovering around 27.000 to 30.000 USD/day with somewhat lower market volatility than the previous quarters as expected. However, the volatility in market rates between various geographic regions has stayed high and offered several trading opportunities.

Historically the market has been higher in the second half of the year, offering increased opportunities on the back of seasonality. This impact is expected to be limited this year due to lower economic growth and uncertainty related to Chinese demand, as well as increased protectionism with countries like India imposing export restrictions to curb inflation. As a consequence, the company anticipates somewhat lower results in the second half of 2022 compared to the first half of the year.

Dividend for Q2 will be announced 15th of August together with the First Half Year Report for 2022 and will be paid in the beginning of September.

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.