Western Bulk improved its trading performance (Net TC) with USD 15 million to
USD 24.4 million in 2024, while restructuring the business to lower the annual
G&A costs by 15 % to USD 22 million going forward.
Excluding one offs from restructuring and provisions the net result was USD 2.6
million and Net TC USD 28.6 million. Net result for the full year of 2024 ended
at USD -2.7 million.
"We have improved our business in 2024, and we will improve it further in 2025.
Although we expect challenging market conditions in the first half of 2025, I am
confident we will show good profitability this year", states Torbjørn Gjervik,
CEO of Western Bulk.
The second half of 2024 saw record low market volatility, limiting trading
opportunities. The Group utilized the strong steel export out of China to
position tonnage into the Atlantic basin at a relatively low cost. The
risk-reward on this strategy was found to be good at the time of initiation.
Regrettably, the anticipated seasonal market push in the Atlantic failed to
materialize, limiting gains from the position.
"Our basic business of serving our customers in the spot market should always be
profitable, however, in today's competitive operator market you also need to
take some positions to make the real gains. You take those positions when your
data and market knowledge tell you that the risk-reward is in your favor. With
our people, experience, data and systems we will over time win more than we lose
on this strategy, in that we are confident", explains Torbjørn Gjervik.
The Group ended the year with USD 28 million in free cash and no outstanding
interest-bearing debt.
"With a strong cash position and an ongoing focus on performance culture, we are
ready to capitalize on opportunities as we expect to see increased market
volatility in 2025", states Torbjørn Gjervik.
In relation to the release of the results, a digital investor presentation will
be held by the company's CEO (Torbjørn Gjervik) and CFO (Kenneth Thu) on Monday
24th of February at 13:00 CET. To attend the presentation, please register via
the link published on the Investor Relations section of our website.
Contacts
For more information, please contact:
Torbjørn Gjervik, Chief Executive Officer
Tel: +47 940 28211
E-mail: torbjorn.gjervik@westernbulk.com
Kenneth Thu, Chief Financial Officer
Tel: +47 988 74302
E-mail: kenneth.thu@westernbulk.com
About Western Bulk:
Western Bulk is a global dry bulk operator and derivatives trader registered on
Euronext Growth in Oslo, Norway. Propelled by an entrepreneurial spirit, we
combine in-depth maritime knowledge with trading expertise. Through combining
advanced risk management, extensive use of market data, analytics to optimize
fleet deployment and vessel-cargo matching, we offer tailor-made solutions
serving our customersŽ needs.
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 AS
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 AS disclaims any obligation to update and revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.