Oslo-listed dry bulk operator Western Bulk reported a marked earnings recovery in the second half of 2025, capitalizing on a broad-based rebound in freight markets and tighter effective vessel supply.
According to the company’s Second Half Year Report 2025, Western Bulk generated a net profit after tax of USD 7.4 million in 2H 2025, compared with a net loss of USD 5.2 million in the same period a year earlier. For the full year, the group posted a net profit of USD 5.4 million, reversing a USD 2.7 million loss in 2024.
Net time charter (TC) result for the second half reached USD 20.1 million, up from USD 9.3 million in 2H 2024, while full-year Net TC rose to USD 27.7 million from USD 24.4 million the prior year. Net TC margin per ship day climbed to USD 984 in 2H 2025, more than doubling year-on-year.
Market Recovery
The improved results tracked a strong summer recovery in dry bulk markets. The company highlighted strengthening rates across the Supramax and Panamax segments, driven by robust Atlantic grain flows from East Coast South America, improved Chinese coal demand, and sustained Asian steel exports. The Baltic Supramax Index averaged USD 17,265/day in 2H 2025, up 53% from the first half, while the Baltic Panamax Index averaged USD 15,980/day, a 49% increase.
Fleet Strategy
Western Bulk operated an average of 111 vessels in 2H 2025, down from 125 in the prior-year period, reflecting a more disciplined exposure approach. For full-year 2025, the average fleet stood at 110 vessels. The company primarily charters Panamax, Supramax/Ultramax and Handysize tonnage and maintains a diversified cargo mix. No single customer accounted for more than 10.3% of revenue in 2025, and no single commodity exceeded 39% of transported volume.
In December 2025, Western Bulk re-entered ship ownership through a co-investment structure, acquiring the eco-design Kamsarmax MV Western Egda (built 2020), signaling a selective expansion beyond its traditional asset-light trading model.
Outlook
Looking ahead, Western Bulk described the first half of 2026 as “more constructive” than the weak start to 2025. Supportive factors include:
While fleet growth in the Ultramax segment may cap upside, the company expects tighter effective supply and improved cargo visibility to underpin a stronger earnings environment versus early 2025.
