Western Bulk reports smaller deficit for first half of 2020

Western Bulk finished the first half of the year with a smaller deficit than last year, but the Norwegian dry bulk operator was still hit hard by the coronavirus pandemic in the second quarter. The company is cautiously optimistic about the rest of 2020.

Photo: PR/Western Bulk

Norwegian Western Bulk now joins the list of dry bulk operators describing the second quarter as the weakest market in years, though the company was able to reduce its deficit in the first six months of the year.

The company thus reports a deficit of USD 2.8 million after taxes for the first half of 2020, a significant improvement from a loss of USD 24.8 million in the same period 2019. The company's revenue dropped to USD 423.2 million from USD 516.8 million in the first half of 2019, shows the interim report Friday.

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