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14.02.2025
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Excluding one offs from restructuring and provisions the net result was USD 2.6 million and Net TC USD 28.6 million. Net result for the full year of 2024 ended at USD -2.7 million.
"We have improved our business in 2024, and we will improve it further in 2025. Although we expect challenging market conditions in the first half of 2025, I am confident we will show good profitability this year", states Torbjorn Gjervik, CEO of Western Bulk.
The second half of 2024 saw record low market volatility, limiting trading opportunities. The Group utilized the strong steel export out of China to position tonnage into the Atlantic basin at a relatively low cost. The risk-reward on this strategy was found to be good at the time of initiation. Regrettably, the anticipated seasonal market push in the Atlantic failed to materialize, limiting gains from the position.
"Our basic business of serving our customers in the spot market should always be profitable, however, in today's competitive operator market you also need to take some positions to make the real gains. You take those positions when your data and market knowledge tell you that the risk-reward is in your favor. With our people, experience, data and systems we will over time win more than we lose on this strategy, in that we are confident", explains Torbjørn Gjervik
The Group ended the year with USD 28 million in free cash and no outstanding interest-bearing debt.
"With a strong cash position and an ongoing focus on performance culture, we are ready to capitalize on opportunities as we expect to see increased market volatility in 2025", states Torbjørn Gjervik.
In relation to the release of the results, a digital investor presentation will be held by the company's CEO (Torbjørn Gjervik) and CFO (Kenneth Thu) on Monday 24th of February at 13:00 CET. To attend the presentation, please register via the link published on the Investor Relations section of our website.
Half Year H2 2024 Financial Report
Western Bulk, press release
