Western Bulk Chartering (WEST) Investor presentation summary

Financial performance and trading results

• Adjusted net TC for FY 2024 reached 28.6 mUSD, with EAT of 2.6 mUSD, supported by a 4.6 mUSD gain from vessel sale and strong spot trading.

• G&A expenses reduced by 15% to 22 mUSD from 2025, excluding bonuses, with further cost reductions from redundancies.

• One-off costs of 5.3 mUSD impacted results, including 1.1 mUSD in redundancies and 4.2 mUSD in contract loss provisions.

• Free cash stood at 28 mUSD, with no outstanding interest-bearing debt and 35 mUSD in available financing.

• Book equity at year-end was 50 mUSD, with available liquidity totaling 63 mUSD.

Market conditions and strategic positioning

• Market volatility was significantly lower in H2-24, with the Supramax index rebounding after a weak start.

• Vessels were positioned in the Atlantic for a seasonal push, but the expected market strengthening did not materialize due to weak grain demand.

• The basin spread increase was below historical averages, limiting potential gains from the Atlantic strategy.

• Spot and FFA markets rebounded post-Chinese New Year, but the Atlantic lagged due to weaker fundamentals.

• A muted market view is held for H1-25, citing high fleet supply and weak demand.

Business priorities and operational focus

• Key priorities for business improvement are people, culture, and data.

• Focus on optimizing cargo-vessel matching to enhance transportation efficiency.

• Purchase options on two vessels remain, with potential sales planned in a declining market.

• Working capital requirements are 15-20 mUSD, mainly driven by receivables and bunker stocks.

• Emphasis on cautious trading strategies due to geopolitical uncertainties and market unpredictability.