Western Bulk Chartering AS - Expecting record year

Due to high market volatility and strong focus on near to midterm market exposure, Western Bulk will achieve record results in 2021. The company is expecting full year profit after tax between USD 60 million and 70 million. That is an increase of USD 10 million from the guiding published on October 5th and an increase of USD 20 million since the first full year forecast that was published on August 4th. Following the positive development, the dividend indicated for 2021 is expected at a minimum of USD 40 million. That is an increase of USD 10 million from what was communicated on October 9th as part of the listing on Euronext Growth. 

“This will be the best result we have had in the company’s near 40-year history", states Hans Aasnæs, CEO of Western Bulk. The last record stems from 2007 with a net profit after tax of USD 52.7 million. 

Since reaching a peak at almost 40 000 USD/day in mid-October, the Baltic Supramax Index has declined by 35 % to about 26 000 USD/day over just a few weeks. The high market volatility is positive for Western Bulk as the company can position itself to benefit from opportunities in both increasing and decreasing markets. Despite the recent market decline, rates are still at very healthy levels, allowing for high market volatility which is a key driver for Western Bulk’s profitability. 

“Last week’s sharp market decline underpins the importance of sticking to our strategy of being agile in the short to medium term market, and limit market exposure out on the curve. We are not a vessel owner, and our competitive edge is to be on top of the short to medium term market combined with our ability to efficiently deliver flexible and reliable services to our customers", states Hans Aasnæs, CEO. 

Contacts 

For more information, please contact: 
Hans Aasnæs, CEO 
Tel: +47 922 53957 
E-mail: hans.aasnas@westernbulk.com 

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

About Western Bulk Chartering: 

Western Bulk Chartering AS is a major dry bulk shipping operator. The company is listed on Euronext Growth Oslo since September 20th, 2021. See www.westernbulk.com for more information. 

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.