Western Bulk is increasing expectations for full year profit after tax

Western Bulk continues its solid performance, increasing expectations for full year profit after tax for the third time since listing on Euronext Growth in October this year. With only a few weeks left of 2021, full year profit after tax is expected to reach between USD 75 million and 80 million. That is an increase of USD 10-15 million from the guiding of USD 60 million to 70 million published in November, and an increase of USD 30-35 million since the first full year guiding was published in August. 

Entering the second half of 2021, the company benefited from a rising market with an overweight of tonnage commitments compared to cargo. The focus on short term market exposure has allowed to quickly turn positions and benefit from the recent market decline. The high market volatility that has been seen in the market over the last months has allowed for more profit generating opportunities. The company is also benefiting from its enhanced focus on customer relations, data driven decisions and operational excellence. 

Following the positive development, a dividend for 2021 will be paid out primo April. After first quarter of 2022, the company intends to implement a quarterly dividend policy of minimum 80%, subject to combined working capital and free cash position being sufficient to support such payouts.   

“The continued solid performance and a record year with profit after tax of USD 75 to USD 80 million provides confidence that we have built a strong team, a reliable brand and a business model well fit for the high market volatility within the shipping industry", states Hans Aasnæs, CEO of Western Bulk.  

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.