ShippingWatch

Western Bulk spins off chartering unit

One of Norway's biggest dry bulk carriers, Western Bulk, has decided to divest subsidiary Western Bulk Chartering AS in an effort to safeguard the company in light of its exposure to an extremely challenging market.

The extremely weak dry bulk market has now spurred Norwegian carrier Western Bulk to spin off its chartering activities combined in subsidiary Western Bulk Chartering AS.

The transaction will "alleviate the company's challenging liquidity situation" and help reduce shareholders in the chartering unit's exposure to the dire dry bulk market, informs Western Bulk in a corporate statement after the company's share was suspended from trading on the Oslo Stock Exchange earlier on Monday.

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
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

MPC upgrades 2022 guidance after strong first half

MPC Container Ships reports continued advancement inQ2, raising guidance for its operating result to almost half a billion dollars. High rates will continue for several quarters yet, the company expects.

Norden books "fantastic" second-quarter result

Product tanker and dry bulk company Norden bags a result for the second quarter that the carrier itself describes as ”fantastic.” CEO Jan Rindbo says this is due to the ”exceptional” product tanker rates, according to a financial statement.

Further reading

Related articles

Latest news

See all jobs