Western Bulk Chartering As · OSL:WEST
Western Bulk Chartering As — H1 2026 Earnings Presentation
14 slides from Western Bulk Chartering As's earnings presentation, Aug 17, 2026
Slide 1: H1 2026 First Half Year Results & Outlook
INVESTOR PRESENTATION H1 2026 First Half Year Results & Outlook WESTERN BULK CHARTERING AS · OSLO · 17 AUGUST 2026
Slide 2: Disclaimer
// DISCLAIMER WESTERN BULK 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, bu
Slide 3: Agenda
01 H1 2026 Performance Agenda 02 Strategy & Positioning 03 Market Outlook // 02 WESTERN BULK · INVESTOR PRESENTATION H1 2026
Slide 4: Chartering activity — H1 2026
WESTERN BULK Chartering activity — H1 2026 A global, asset-light dry bulk operator — nine offices across six continents. Bergen Antwerpen VOYAGES FIXED - Hi 2026 Casablanca 3560 + Singapore 84 Sant Lago Syoney 250+ Carrying cargo 75 Chartered out 25 Grains & agri 30 @ i r Cement @ clinker 12 Fertili
Slide 5: H1 2026 Performance
01 H1 2026 Performance First-half results · balance sheet // 04 WESTERN BULK · INVESTOR PRESENTATION H1 2026
Slide 6: A markedly stronger freight market
// 01 · H1 2026 PERFORMANCE WESTERN BULK A markedly stronger freight market BSI 63 & BPI 82 basis · as of 2026-06-30 · source: Baltic Exchange BSI 63 · H1 2026 AVG BPI 82 · H1 2026 AVG USD 16 951 /day +51% vs H1 2025 USD 17 283 /day +62% vs H1 2025 The Baltic Supramax and Panamax indices both rose s
Slide 7: Net TC of USD 5.2 million; H1 positioning sets up a profitable H2 and FY
// 01 · H1 2026 PERFORMANCE WESTERN BULK N et TC o f U S D 5.2 m illio n; H 1 p o sitio ning sets up a p ro fitab le H 2 and FY Key figures P&L · H1 2026 vs H1 2025 · USD million unless stated USD MILLION H1 2026 H1 2025 HIGHLIGHTS • Net TC of USD 5.2 million — a Net TC margin of USD 247 per ship da
Slide 8: Solid liquidity and no interest-bearing debt
// 01 · H1 2026 PERFORMANCE WESTERN BULK Solid liquidity and no interest-bearing debt Balance sheet and cash · as of 30 June 2026 AVAILABLE LIQUIDITY · USDm FREE CASH · USDm UNDRAWN FACILITIES · USDm 52.3 17.3 35.0 free cash + undrawn lines 31.12.25: 29.8 bunker 10 + overdraft 25 INTEREST-BEARING DE
Slide 9: Strategy & Positioning
02 Strategy & Positioning G ro win g an d d iversifyin g th e p latfo rm · n ew co m m ercial team s · co - in vestm en t // 08 WESTERN BULK · INVESTOR PRESENTATION H1 2026
Slide 10: Strategy
// 02 · STRATEGY & POSITIONING WESTERN BULK Strategy Building a diversified, asset-light commercial platform 01 02 Strengthen and grow our core trading business Scale a fleet of partnership-owned vessels Improve the core trading · Retain & develop key employees · Enhanced Vessels commercially manage
Slide 11: Positioned in the Atlantic for the strongest season
// 02 · STRATEGY & POSITIONING WESTERN BULK Positioned in the Atlantic for the strongest season Supramax period fleet · basin spread against its historical seasonal range · Baltic close 14 August 2026 The majority of the group's Supramax period fleet is currently The Atlantic market is trading at a
Slide 12: Market Outlook
03 Market Outlook Second half 2026 and beyond // 11 WESTERN BULK · INVESTOR PRESENTATION H1 2026
Slide 13: A good start to the second half
// 03 · MARKET OUTLOOK WESTERN BULK A good start to the second half Western Bulk has seen a good start to the second half of 2026 and the Company expects to deliver a positive result for the full year. We are positive on the near-term outlook: current trade patterns are keeping tonne-mile demand ele
Slide 14: Questions & Answers
THANK YOU Questions & Answers Torbjørn Gjervik Chief Executive Officer · +47 940 28211 · torbjorn.gjervik@westernbulk.com Kenneth Thu Chief Financial Officer · +47 988 74302 · kenneth.thu@westernbulk.com WESTERNBULK.COM A digital investor presentation will be held by the CEO and CFO. Date and time t
Western Bulk Chartering AS — H1 2026 Earnings Presentation on 6ix