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Western Bulk suffered USD 57 million deficit in 2014

Dry bulk carrier Western Bulk finished 2014 with red numbers on the bottom line following a profit the year before. The carrier has now secured a larger contract coverage for 2015 and reduced exposure in a tough market.

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.

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