Trusted employee lost millions in Western Bulk

A trusted employee in Chile entered long-term loss making contracts on behalf of Western Bulk, shows the company's 2018 financial report. The bulk company did, however, book a profit for the whole year.

Photo: Western Bulk

Things were looking great for Norway's Western Bulk in the first six months of 2018. But in the second half of the year, something unpredictable happened in the company's business unit in Chile, which impacted the overall result, shows the company's preliminary 2018 results.

In the second half of the year, Western Bulk had a USD 10 million net loss on time charter contracts made mainly at the office in Chile, while a lower market in the third quarter also had an impact.

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