Board Change • May 20
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Member of the Board Betina Nygaard is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Annuncio • Feb 14
Western Bulk Chartering AS Proposes Cash Dividend, Payable on February 25, 2026 Western Bulk Chartering AS proposed cash dividend of NOK 1.21 per share to be paid by the company. Last day including right is February 13, 2026. Ex-date is February 16, 2026. Record date is February 17, 2026. Payment date is February 25, 2026. Annuncio • Dec 30
Western Bulk Chartering AS, Annual General Meeting, Apr 10, 2026 Western Bulk Chartering AS, Annual General Meeting, Apr 10, 2026. Annuncio • Jun 19
Western Bulk Chartering as Elects Espen Åbø as Member of the Board of Directors Western Bulk Chartering AS at the extraordinary general meeting held on June 19, 2025, Espen Åbø was elected as a new member of the board of directors. Annuncio • Apr 10
Western Bulk Chartering AS Approves Dividend Payment in Accordance with the Dividend Policy Western Bulk Chartering AS at its annual general meeting held on April 10, 2025, approved dividend payment in accordance with the following dividend policy: Western Bulk aims to distribute minimum 80% of net profit in quarterly dividend payments, subject to efficiency free liquidity and working capital to support such payments. The timing and amount is at the discretion of the Boards of Directors. The policy has been in force since the annual general meeting in 2022. The authority to approve dividend payment will be based on the company's unaudited quarterly management accounts for the financial year commencing January 1, 2025 to December 31, 2025 without being required to publish those accounts, with such authority to expire on the date of next annual general meeting. Annuncio • Jan 01
Western Bulk Chartering AS, Annual General Meeting, Apr 10, 2025 Western Bulk Chartering AS, Annual General Meeting, Apr 10, 2025. Reported Earnings • Aug 19
First half 2024 earnings released: EPS: US$0.074 (vs US$0.14 loss in 1H 2023) First half 2024 results: EPS: US$0.074 (up from US$0.14 loss in 1H 2023). Revenue: US$647.4m (up 13% from 1H 2023). Net income: US$2.49m (up US$7.32m from 1H 2023). Profit margin: 0.4% (up from net loss in 1H 2023). The move to profitability was driven by higher revenue. Revenue is expected to decline by 107% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to grow by 2.2%. Annuncio • Jun 26
Western Bulk Chartering AS Announces Executive Changes, Effective September 1, 2024 Western Bulk Chartering AS announced that Joachim Frantsen has been appointed as the new Head of the North Atlantic desk, effective 1 September 2024. He succeeds Torbjørn Gjervik who has been promoted to Group CEO. Joachim has previously held the position of Head of Black Sea and Mediterranean/Steel team and joined Western Bulk as a chartering manager in January 2017, coming from the Torvald Klaveness Group where he worked in chartering for more than 10 years. The North Atlantic desk consists of 9 chartering managers working out of the company´s offices in Oslo and Seattle. The team handles a volume of more than 40 vessels across the North Atlantic region. Annuncio • Jun 14
Western Bulk Chartering AS Announces Executive Changes Western Bulk Chartering AS appointed Amit Jakhmola as the company’s new Head the Indian Ocean desk, effective 1 September. He succeeds Mohneesh Bhutani who will be fully dedicated to the company´s growth within the Panamax segment as Head of Panamax going forward. Amit Jakhmola joined Western Bulk as a chartering manager in April 2019, coming from Ifchor Middle East LLC Dubai as a Dry Cargo Ship Broker. Before that, he worked with Interocean Shipping in Delhi. The Western Bulk Panamax division is fully operational with a total of 5 chartering managers across Dubai, Singapore, and Oslo, allowing the company to cover all major basins and actively engage in a diverse array of trades. Mohneesh Bhutani has held the positions as both Head of Panamax and Head of Indian Ocean, but will be fully dedicated to the company’s growth within the Panamax segment as Head of Panamax going forward. Annuncio • Mar 05
Western Bulk Chartering AS Appoints Ørjan Svanevik Interim Chief Executive Officer The Board of Directors of Western Bulk Chartering AS announced the appointment of Board member Ørjan Svanevik as interim Chief Executive Officer (CEO), effective immediately. Svanevik has been a Board member of the company since August 2023, and will continue to serve as a director in parallel with the interim CEO position. Reference is made to the stock exchange notice 15 February 2024, announcing that Hans Aasnæs will step down from his position as CEO of Western Bulk. Reported Earnings • Feb 18
Full year 2023 earnings released: US$0.47 loss per share (vs US$1.96 profit in FY 2022) Full year 2023 results: US$0.47 loss per share (down from US$1.96 profit in FY 2022). Revenue: US$1.12b (down 31% from FY 2022). Net loss: US$15.6m (down 124% from profit in FY 2022). Revenue is forecast to decline by 104% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to remain flat. New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 4.7% per year for the foreseeable future. High level of non-cash earnings (20% accrual ratio). Minor Risks Dividend is not well covered by cash flows (188% cash payout ratio). Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (€74.7m market cap, or US$80.5m). Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €2.22, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Shipping industry in Europe. Total loss to shareholders of 29% over the past year. Annuncio • Dec 23
Western Bulk Chartering AS Provides Earnings Guidance for the Full Year of 2023 Western Bulk Chartering AS provided earnings guidance for the full year of 2023. The company is expecting net loss after tax of USD 14 million to USD 16 million for the full year. Reported Earnings • Aug 21
First half 2023 earnings released: US$0.14 loss per share (vs US$1.11 profit in 1H 2022) First half 2023 results: US$0.14 loss per share (down from US$1.11 profit in 1H 2022). Revenue: US$574.2m (down 35% from 1H 2022). Net loss: US$4.84m (down 113% from profit in 1H 2022). Revenue is expected to fall by 106% p.a. on average during the next 3 years compared to a 6.2% decline forecast for the Shipping industry in Europe. Board Change • Aug 21
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director Tord Meling was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 18
First half 2023 earnings released: US$0.14 loss per share (vs US$1.11 profit in 1H 2022) First half 2023 results: US$0.14 loss per share (down from US$1.11 profit in 1H 2022). Revenue: US$574.2m (down 35% from 1H 2022). Net loss: US$4.84m (down 113% from profit in 1H 2022). Revenue is expected to fall by 106% p.a. on average during the next 3 years compared to a 6.3% decline forecast for the Shipping industry in Europe. New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 42% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (42% accrual ratio). Minor Risks Dividend is not well covered by cash flows (189% cash payout ratio). Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (€80.7m market cap, or US$87.8m). Buying Opportunity • May 10
Now 28% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €4.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 107% per annum. Earnings is also forecast to decline by 48% per annum over the same time period. Buying Opportunity • Apr 11
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 7.9%. The fair value is estimated to be €4.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 107% per annum. Earnings is also forecast to decline by 48% per annum over the same time period. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: US$1.96 (vs US$2.41 in FY 2021) Full year 2022 results: EPS: US$1.96 (down from US$2.41 in FY 2021). Revenue: US$1.62b (up 8.6% from FY 2021). Net income: US$66.0m (down 19% from FY 2021). Profit margin: 4.1% (down from 5.4% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 107% p.a. on average during the next 3 years compared to a 11% decline forecast for the Shipping industry in Europe. Buying Opportunity • Mar 15
Now 20% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be €4.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to decline by 107% per annum. Earnings is also forecast to decline by 48% per annum over the same time period. Annuncio • Feb 11
Western Bulk Chartering AS Declares Quarterly Dividend for the Fourth Quarter 2022, Payable on 22 February, 2023 Western Bulk Chartering AS declared a quarterly dividend of NOK 3 per share for the fourth quarter 2022, totaling a dividend of USD 10 million. The ex-dividend date is February 14, 2023, record date is February 15, 2023 and payment date is 22 of February, 2023. Last day including right is February 13, 2023 and approval date is February 9, 2023. Reported Earnings • Feb 10
Full year 2022 earnings released Full year 2022 results: Revenue: US$1.62b (up 8.6% from FY 2021). Net income: US$66.0m (down 19% from FY 2021). Profit margin: 4.1% (down from 5.4% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 137% p.a. on average during the next 2 years compared to a 11% decline forecast for the Shipping industry in Europe. Board Change • Jan 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director Tord Meling was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director Tord Meling was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Annuncio • Oct 21
Western Bulk Chartering AS Declares Dividend for the Third Quarter of 2022, Payable on November 2, 2022 Western Bulk Chartering AS declared a dividend of USD 10 million based on the company's results for the third quarter of 2022. The dividend of USD 10 million corresponds to a dividend of NOK 100.9 million, or NOK 3.00 per share. The share will trade ex dividend on October 24, 2022, record date is October 25, 2022 and payment date is November 2, 2022. Annuncio • Aug 16
Western Bulk Chartering AS Declares Cash Dividend, Payable on August 25, 2022 Based on the strong results for the first half of 2022, Western Bulk Chartering AS hereby declares a quarterly dividend of USD 13 million for the second quarter. Dividend per share is NOK 3.85 at USDNOK 9,95. Ex-date is August 17, 2022. Record date is August 18, 2022. Payment date is August 25, 2022. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 17% share price gain to €5.20, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Shipping industry in Europe. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director Tord Meling was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Annuncio • Mar 30
Western Bulk Chartering AS Provides Earnings Guidance for the First Quarter 2022 Western Bulk Chartering AS provided earnings guidance for the first quarter 2022. The company is expecting a record First Quarter 2022 result with net profit after tax of USD 18 million to USD 20 million. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 15% share price gain to €6.80, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 8x in the Shipping industry in Europe. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improved over the past week After last week's 18% share price gain to €6.00, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 11x in the Shipping industry in Europe. Reported Earnings • Feb 18
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: US$1.49b (up 91% from FY 2020). Net income: US$81.0m (up US$77.8m from FY 2020). Profit margin: 5.4% (up from 0.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Annuncio • Feb 18
Western Bulk Chartering AS Propose Dividend for 2021 The Board of Directors of Western Bulk Chartering AS will propose a dividend for 2021 of USD 65 million to the Annual General Meeting. The dividend is expected to be paid in end of March, following the Annual General Meeting in medio March.