Western Bulk Chartering As · OSL:WEST
Western Bulk Chartering As — H2 2025 Earnings Presentation
16 slides from Western Bulk Chartering As's earnings presentation, Feb 23, 2026
Slide 1: H2-25 Investor presentation
H2-25 Investor presentation 23.02.2026
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: Matching cargo owners with vessel providers
Cargo Owners Efficiently matching cargo with vessel Vessel Providers Producers, trading houses and to create an optimized transportation Vessel owners receivers service located worldwide
Slide 4: Agenda
Agenda 01 2025 performance 02 Strategy & Positioning 03 Market Outlook // 4
Slide 5: 2025 Performance
2025 Performance Ei Western Bulk
Slide 6: Key Supramax Indexes (BSI)
Key Supramax Indexes (BSI) The physical spot market The regional markets The financial forward market (FFA) The BSI increased from $12k mid-year to The Supramax forward curve has repriced materially The Atlantic–Pacific basin spread widened materially nearly $19k by mid-September, signalling a highe
Slide 7: 2025 a year with improved results and focus on delivering on the strategy
2025 a year with improved results and focus on delivering on the strategy Key figures P&L H2-25 and FY-25 • Net TC of 27.7 mUSD USD MILLION H2 2025 H2 2024 FY 2025 FY 2024 • H2 up from 9.3 mUSD in H2-24 to 20.1 mUSD in H2-25 Gross revenues 539.6 622.3 1 039.4 1 269.7 • Was well positioned to benefit
Slide 8: Maintaining strong liquidity and book equity
Maintaining strong liquidity and book equity Balance Sheet and cash H2-25 • Available liquidity of 65 MUSD USD MILLION 31.12.25 31.12.24 • Free cash of 30 mUSD Non-current assets 4.0 1.4 • Undrawn bank facilities totaling 35 MUSD Bunker stocks 39.1 38.9 Account receivables 25.1 34.5 Other receivable
Slide 9: Strategy
Strategy Ei Western Bulk
Slide 10: Strategy
Strategy 1. Improve the core trading • Strengthen and grow our core trading business • Retain & develop key employees • Focus on performance culture and winning mentality • Scale a fleet of partnership-owned vessels commercially managed by • Improve our data and foster a data-driven culture Western
Slide 11: Lumber & Projects
Attract complementary skills & networks Lumber & Projects • Experienced Lumber & Projects team consisting of three individuals based in Bergen commencing 1 May 2026 • Extensive hands-on experience within lumber, project and breakbulk cargoes, combining strong commercial judgement with deep expertise
Slide 12: Strengthening Pacific Handy presence and activity
Attract complementary skills & networks Strengthening Pacific Handy presence and activity • During 2025 Western Bulk opened an office in Sydney • Strengthening the presence in the Handy segment and establishing a direct foothold in Australia to better support regional customers and partners • Daniel
Slide 13: Positioning the company for further growth in co-investment and commercial management services
Co-investing Positioning the company for further growth in co-investment and commercial management services • Entered shipowning by taking 22 % ownership in a 2020 built Kamsarmax through a co-investment structure together with Mowinckel, NRP Asset Management and Pactum • Western Bulk responsible fo
Slide 14: Market View
Market View Ei Western Bulk
Slide 15: Market view
Market view The outlook for 2026 is increasingly constructive, supported by improved demand visibility and a firmer underlying market despite typical seasonal softness. Capesize markets are expected to remain strong, driven by high bauxite exports from Guinea and the ramp-up of Simandou iron ore, in
Slide 16: Western Bulk
Ei Western Bulk
Western Bulk Chartering AS — H2 2025 Earnings Presentation on 6ix