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This is the newly transformed Western Bulk setup

In a fatally weak dry bulk market, Western Bulk has completed a move selling off a healthy part of the old company while the remaining part of the carrier hangs by a thread. Get an overview of the new Western Bulk setup ahead of its annual report on Thursday.

After a 2016 kick-off that has seen the bottom disappear entirely from the dry bulk market, Norwegian dry bulk carrier Western Bulk no longer exists in its original form.

The transaction still needs to be approved at a General Assembly - the carrier's management describes this as purely a formality - and the Western Bulk name is still featured on the Oslo Stock Exchange, even though the listed company has changed its name to Bulk Invest. However, investors picking up the shares in the carrier, at today's price of USD 0.005, would be buying into an amputated carrier, as the healthy part of Western Bulk - WB Chartering - has been divested along with the rights to the Western Bulk name. The change in ownership has been completed and the first half of the purchasing price been paid.

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