Today Western Bulk has published its 2018 Annual Report without changes from the preliminary results published on January 24, 2019. The Group posted a profit after tax of USD 4.2 million in 2018, in line with 2017.
To ensure a strong financial platform and support further growth, the Company has secured new debt financing and will raise USD 15 million in equity guaranteed by the two main shareholders (Kistefos AS and Ojada AS). The NOK 300 million bond with NOK 271 million outstanding will be repaid in full, allowing for a more optimal financial structure.
Commenting on the transaction, Jens Ismar, CEO of Western Bulk said, "This is a very good solution for the Company. With the continued strong support from our main shareholders and a business model mostly focused on short term commitments we are well positioned to utilize the current market volatility to our advantage”.
Outlook 2019
During the first months of 2019 the Company has repositioned the tonnage portfolio in light of a lower market, combined with utilizing the market volatility to capture arbitrage opportunities. The first half of 2019 will be impacted by a delayed market recovery combined with contracts in Chile running into the first quarter of 2019, while preparations for the IMO 2020 sulphur cap is expected to provide opportunities in the second half of the year.
Contacts
For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897
E-mail: jens.ismar@westernbulk.com
About Western Bulk Chartering AS
Western Bulk Chartering AS is a major dry bulk shipping operator. The company is privately owned by a group of about 225 shareholders. See www.westernbulk.com for more information.
Western Bulk Chartering AS has an outstanding bond loan trading on Nordic ABM under the ticker symbol "WBULK01 PRO".
DISCLAIMERS
This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” "continue," “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Western Bulk Chartering AS believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.
The information, opinions and forward-looking statements contained in this release speak only as at its date, and are subject to change without notice Western Bulk Chartering AS disclaims any obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.