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Western Bulk reports large deficit after "streak of unfortunate events"

Dry bulk ship operator Western Bulk finished the first half of the year with a deficit of almost USD 25 million. The company attributes the loss to the major dip in rates early in the year and continuing challenges in Chile, where a trusted employee has cost the company a large sum.

Photo: Western Bulk

The "dramatic drop" in the dry bulk rates in the start of the year took a big toll on Norway's Western Bulk, which in its half-year report books a deficit after taxes of USD 25 million.

The year began with a dive in the Baltic Supramax dry bulk index of 57 percent to around USD 4,800 per day – the lowest level since the all-time low in 2016 – and even though the market recovered in the following months, this recovery was slower than Western Bulk had hoped.

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