Western Bulk generated a record net profit after tax of USD 72 million in the second half of 2021 and full year profit of USD 81 million from USD 1.49 billion in gross revenues

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 second half year with net profit after tax of USD 72 million from gross revenues of USD 0.9 billion. For the full year the company reached a 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. The Baltic Supramax Index started the year at about 11.000 USD/day and increased by 265 % to 40.000 USD/day in October before declining by almost 40 % to end the year at about 25.000 USD/day. Throughout the year, the company has been well positioned to benefit from the 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 has 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 will propose a dividend for 2021 of USD 65 million to the Annual General Meeting which will be held as soon as the audited annual accounts are ready, presumably by mid-March. The dividend for 2021 will be paid by the end of March.

“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”.

For more information, please click here for the second half report 2021. 

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.