Western Bulk Chartering (WEST) H2 2025 earnings summary

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.