Western Bulk Chartering (WEST) H1 2025 earnings summary

Executive summary

• Net TC for H1 2025 was $7.6 million, down from $15.1 million year-over-year, with a net loss after tax of $2.1 million compared to a $2.5 million profit in H1 2024, impacted by high-cost period vessels and market volatility.

• Gross revenues declined to $499.8 million from $647.4 million year-over-year, reflecting lower market activity and volumes.

• Administrative expenses reduced to $9.8 million, down $3 million year-over-year, supporting cost control efforts.

• Average number of ships operated decreased to 110 from 133 in H1 2024, with a net TC margin per ship day of $383, down from $626.

• No dividend declared for Q2 2025; Espen Åbø joined the Board in June 2025.

Financial highlights

• EBITDA for H1 2025 was -$2.2 million, compared to $2.4 million in H1 2024.

• Free cash at period end was $29.3 million, with no interest-bearing debt and available liquidity of $64 million.

• Book equity was $48 million as of June 30, 2025; total assets $104.7 million; total liabilities $57.0 million.

• Working capital requirements were $10-15 million, mainly driven by accounts receivables and bunker stocks.

Outlook and guidance

• Market rates improved significantly over the summer, raising expectations for H2 2025 and into 2026.

• Cautious outlook for Q4 due to U.S.-China trade tensions and weak U.S. soybean exports, which may impact Atlantic basin activity.

• Positive outlook for 2026, supported by anticipated growth in iron ore exports from Guinea.

• Risks remain from weak Chinese demand, geopolitical uncertainty, and continued fleet growth.