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Western Bulk Chartering
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.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.
Successfully capitalized on a dry bulk market upturn in the second half of 2025, driven by strong Atlantic grain flows, improved Chinese coal demand, and robust steel exports from Asia.
Maintained strong liquidity and book equity, supporting ongoing strategic initiatives.
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 FY 2025 were USD 1,039.4 million, down from USD 1,269.7 million in 2024.
Net TC result increased to USD 27.7 million in 2025 from USD 24.4 million in 2024.
EBITDA improved to USD 5.6 million in 2025 from a loss of USD 2.2 million in 2024.
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.
Outlook and guidance
Market outlook for 2026 is constructive, with improved demand visibility and a firmer underlying market.
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.
What is the rationale for ship ownership re-entry?
How will WB leverage H1 2026 Capesize market strength?
Detail efficiency initiatives reducing admin costs.
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Latest events from Western Bulk Chartering
- Strong cash position and cost reductions offset muted market outlook for H1-25.WEST
Investor presentation9 Feb 2026 - Net TC and revenues fell in H1 2025, but liquidity is strong and market rates improved.WESTH1 202523 Nov 2025
- Profit rebounded to $2.5M in H1 2024 amid fleet growth and strong Atlantic market.WESTH1 202413 Jun 2025
- Adjusted net profit reached USD 2.6 million in 2024, but 2025 market outlook remains weak.WESTH2 20245 Jun 2025
Next Western Bulk Chartering earnings date
H1 202628 Aug, 2026
Western Bulk Chartering
Next Western Bulk Chartering earnings date
H1 202628 Aug, 2026
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