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Western Bulk boosts profit in the second quarter

Norwegian Western Bulk increased its profit after taxes in the second quarter, where the company's key division WB Chartering, outperformed a very challenging market, says CEO Jens Ismar in the interim report. A cost reduction plan has started and already meant layoffs at the carrier.

Norwegian dry bulk carrier Western Bulk improved its result after taxes in the second quarter of the year, according to the interim report released Thursday.

In the second quarter, the result came to a profit after taxes of USD 10.4 million compared to USD 5.5 million in the first quarter of the year, where the dry bulk market definitely dealt a blow to the dry bulk shipowners with miserable market conditions. A tendency that continued into the second quarter, said CEO Jens Ismar in relation to the most recent interim report from Western Bulk.

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