Western Bulk Chartering reports $2.1m net loss for first half of 2025

Dry bulk operator Western Bulk Chartering has reported a net loss of $2.1 million for the first half of 2025, a period the company described as a challenging operating environment with low market volatility and elevated geopolitical tensions. The company's board has decided not to declare a dividend for the second quarter.

For the first six months of the year, the company generated a positive Net Time Charter (TC) margin of $383 per ship day across an average of 110 vessels, which corresponds to a total Net TC of $7.6 million. However, the overall result was negatively impacted by losses from some period vessels that were fixed at high market levels in 2024, with their high-cost exposure affecting performance in the first quarter of 2025.

The freight market was subdued during the period, with the Baltic supramax index down 30 per cent and the Baltic Panamax index down 33 per cent compared to the first half of 2024. The company noted that its performance improved in the second quarter as the group capitalised on the weak market by being net short through both forward freight agreements and physical cargoes.

Looking ahead, the company stated its outlook for the second half of 2025 is "cautiously more optimistic," as several factors are expected to provide support for a stronger market.