The downturn in the dry bulk market is now sending the Norwegian dry bulk player Western Bulk below the bottom line in 2014. The carrier notes a deficit after taxes of USD 57 million compared to a profit of USD 5.3 million in 2013, according to the annual report Wednesday.
Western Bulk also presents an "adjusted net result" for 2014, which came to a deficit of USD 11,8 million, compared to a deficit of USD 11,2 million. This is the underlying result, stripped of exposure to derivatives such as bunker cost hedging, which were particularly significant in the second half of 2014 where the oil price plummeted. As such, bunker costs were far lower than expected, resulting in a loss for Western Bulk alongside numerous colleagues.
Already a subscriber? Log in.
Read the whole article
Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.
Start a free company trial todayMore from ShippingWatch
1,000 DSV staff affected by Shanghai lockdown: "We have people who have been sitting in an apartment for 55 days"
A large number of DSV employees have for weeks been living under the hard lockdown of major Chinese city Shanghai. In an interview with ShippingWatch, regional head of air and sea freight Claus Thomsen talks about keeping spirits high amid an uncertain situation.
Hafnia CEO: We may face our best quarter to date
Tanker operator Hafnia faces perhaps its best quarter ever, says CEO Mikael Skov to ShippingWatch, pointing to increased tonne-mile demand and lower oil stockpiles as causes.
IMO breakthrough on CO2 levy spurs optimism among carriers and NGOs
Industry stakeholders and NGOs describe meetings last week leading up to IMOs climate session in June as a breakthrough for a global CO2 levy considered the single most important tool to decarbonize shipping. ”A huge step forward,” says researcher Tristan Smith.
MSC's order book corresponds to fifth-largest container carrier
The world’s largest container carrier, MSC, has ordered such an amount of new ships that the order book itself is equivalent to the size of Hapag-Lloyd’s fleet, writes Sea-Intelligence.
DSV in Shanghai: "There may be 50% of drivers working at the moment"
The long-term lockdown of major city Shanghai has seriously affected land logistics at one of the world trade’s crucial hubs. It will take time to get infrastructure back to normal, predicts DSV regional head to ShippingWatch.
Marine Sales Executive - Performance Coatings 
Port Director for the Port of Kolding 
Senior Finance Business Partner 
Team Manager 
Marine Superintendent