Western Bulk Chartering As · OSL:WEST
Western Bulk Chartering As — H2 2024 Earnings Presentation
14 slides from Western Bulk Chartering As's earnings presentation, Feb 24, 2025
Slide 1: H2-24 Investor presentation
H2-24 Investor presentation 24.2.2025
Slide 2: Disclaimer
Disclaimer The information in this presentation does not constitute an offer to buy, subscribe or sell any of the securities described herein, and no securities are being offered or sold pursuant hereto. The contents of this presentation shall not be construed as legal, business or tax advice. Weste
Slide 3: Cargo Owners, Western Bulk, Vessel Providers
Cargo Owners Producers, trading houses and receivers Western Bulk Efficiently matching cargo with vessel to create an optimized transportation service Vessel Providers Vessel owners located worldwide
Slide 4: Summary H2 2024
Summary H2 2024 1. Net TC improved in a market with low volatility and with the market moving against seasonality 2. G&A lowered by 15% to USD 22 million from 2025 3. One offs of 5.3 mUSD impacting results negatively 4. 28 MUSD in free cash, no outstanding interest-bearing debt and 35 MUSD in availa
Slide 5: Focusing on three key priorities to improve the business
Focusing on three key priorities to improve the business 1. People 2. Culture 3. Data
Slide 6: Adjusted FY Net TC of 28.6 mUSD and EAT of 2.6 mUSD
Adjusted FY Net TC of 28.6 mUSD and EAT of 2.6 mUSD Adjusted * Reported • Net TC 28.6 mUSD USD MILLION H2-24 FY-24 H2-24 FY-24 H2-23 FY-23 • 4.6 mUSD gain from sale of Western Oslo • Good spot-spot trading • Low market volatility in H2-24 Gross 622 1 270 622 1 270 543 1 118 • Positioned vessels into
Slide 7: 28 MUSD in free cash, no outstanding interest-bearing debt and 35 MUSD in available financing
28 MUSD in free cash, no outstanding interest-bearing debt and 35 MUSD in available financing Balance Sheet and cash H2-24 • Available liquidity of 63 MUSD USD MILLION 31.12.24 31.12.23 • Free cash of 28 mUSD Non-current assets 1.4 0.7 • Undrawn bank facilities totaling 35 MUSD Bunker stocks 38.9 52
Slide 8: Purchase options
Purchase options • Net TC of USD 4.6 mUSD recorded in Q3 from sale of Western Oslo in back-to- back deal • The company has two other similar options . Likely to be sold in the market against margin with a view of a declining snp market // 8
Slide 9: Significantly lower market volatility in H2-24
Significantly lower market volatility in H2-24 BSI 63 – Volatility USD/day* 750 693 700 661 650 600 550 500 425 450 396 400 362 350 350 315 277 300 250 239 235 250 211 208 194 189 188 182 175 200 143 131 127 150 100 98 85 84 75 100 67 60 50 0 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 2
Slide 10: The group leveraged a strong backhaul market in Q2 to position vessels into the Atlantic
The group leveraged a strong backhaul market in Q2 to position vessels into the Atlantic, anticipating a seasonal market push in H2 • By end of Q3, the net Atlantic position stood at 20-25 vessels, primarily engaged in transatlantic voyages, expecting high-paying front-hauls in Q4. • However, the ma
Slide 11: Key Supramax indexes (BSI)
Key Supramax indexes (BSI) The physical spot market The financial forward market (FFA) The regional markets The Supramax benchmark index The value of FFA followed the weak spot The basin spread is a key indicator of has had a weak start to the market, falling considerably at the the difference in fr
Slide 12: Market view
Market view There has been a rebound in spot levels in February as expected, especially east of Suez as China is coming back from holiday. The Atlantic has also seen an increase, but of a lesser magnitude as the fundamental supply and demand situation is weaker. The increase in spot levels have supp
Slide 13: Highlights
Highlights 01 Improved trading performance and an adjusted Net TC of 28.6 mUSD 02 G&A without bonus expected below 22 mUSD from 2025 03 Strong cash position with 28 MUSD in free cash 04 Focusing on people, culture and data to improve the business 05 Muted market view for H1-2025 // 13
Slide 14: Western Bulk
Ei Western Bulk
Western Bulk Chartering AS — H2 2024 Earnings Presentation on 6ix