Western Bulk Chartering
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Western Bulk Chartering (WEST) investor relations material

Western Bulk Chartering H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary12 Feb, 2026

Executive summary

  • Net profit after tax for 2H 2025 was USD 7.4 million, a turnaround from a USD -5.2 million loss in 2H 2024; full-year 2025 net profit was USD 5.4 million versus a USD -2.7 million loss in 2024.

  • Net TC result for 2H 2025 rose to USD 20.1 million from USD 9.3 million in 2H 2024; full-year Net TC was USD 27.7 million, up from USD 24.4 million.

  • Dry bulk markets recovered in 2H 2025, driven by strong Atlantic grain flows, improved Chinese coal demand, and robust steel exports from Asia.

  • The company benefited from exposure to rising rates in Supramax and Panamax segments, with disciplined fleet deployment.

  • Administrative expenses for 2025 decreased to USD 22.1 million from USD 26.6 million in 2024 due to efficiency initiatives.

Financial highlights

  • Gross revenues for 2H 2025 were USD 539.6 million, down from USD 622.3 million in 2H 2024; full-year 2025 revenues were USD 1,039.4 million, down from USD 1,269.7 million in 2024.

  • EBITDA for 2H 2025 was USD 7.8 million, up from USD -4.6 million in 2H 2024; full-year EBITDA was USD 5.6 million, up from USD -2.2 million.

  • Net TC margin per ship day in 2H 2025 was USD 984, up from USD 402 in 2H 2024; full-year 2025 margin was USD 687, up from USD 517.

  • Average number of ships operated in 2H 2025 was 111, down from 125 in 2H 2024.

  • Free cash at year-end was USD 29.8 million, with no outstanding interest-bearing debt.

Outlook and guidance

  • Market outlook for 1H 2026 is more constructive than 1H 2025, with improved demand and cargo visibility.

  • Capesize markets expected to remain strong due to high bauxite and iron ore exports; Chinese coal and grain demand projected to support rates.

  • Fleet growth, especially in Ultramax, may cap upside, but inefficiencies and slow steaming should help balance the market.

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Frequently asked questions

Western Bulk Chartering AS operates as a dry bulk shipping company, specializing in the transportation of goods such as minerals, timber, steel, cement, and agricultural products. The company primarily charters Supramax, Ultramax, and Handysize vessels from various owners, using an asset-light model. It focuses on matching cargo with vessels across global markets, leveraging market data and analytics to optimize operations. Western Bulk operates globally, providing services to cargo owners and vessel providers alike. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.

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