Western Bulk lands a profit in first quarter

The Norwegian dry bulk shipowner Western Bulk exited the first quarter of the year with a profit after taxes of USD 5.5 million. Deadlock in the industry will continue throughout the year, the company says.

Dry bulk carrier Western Bulk achieved improvements in the first quarter of the year, in a market where carriers are struggling to generate profits. The carrier noted a result after taxes of USD 5.5 million, which is a significant improvement from the fourth quarter deficit of USD 45.6 million, not to mention the entire deficit for last year of 57 million.

The result was pulled up by derivatives of USD 8.3 million and an increased time charter result of USD 5.1 million, according to the financial report Wednesday.

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