Western Bulk Cuts First-Half Losses
OSLO-BASED dry bulk operator Western Bulk has posted a net loss of $2.1m for the first half of this year, a significant reduction from the $10m loss it made over the same period a year later, mainly due to an improvement in earnings from the supramax sector.
According to MANA, as net time charter earnings climbed to $15.1m from an average of 143 ships in operation versus $1.3m from 120 ships on average in the first half of last year, the company said in a statement.
The company, which merged its South Atlantic and US Gulf business units in the second quarter, is expecting the dry bulk market to slowly recover as the oversupply gap narrows
The Jens Ismar-led company reported that the supramax market performed better than expected in the first half of the year. Supramax rates averaged $8,450 per day in the first half compared to $4,800 per day in the year earlier period.