Western Bulk ASA posts Q2 2015 results

Western Bulk ASA is a leading global dry bulk shipping company with a commercially controlled average fleet of 149 vessels in Q2-15.
The Group's Net TC result increased by USD 1.5 million compared to the previous quarter and amounted to USD 6.6 million in Q2-15, compared to USD 5.1 million in Q1-15.
WB Chartering's Net TC result improved by USD 2.9 million from the previous quarter as the division had a stronger performance on new business added and operated during the quarter. The base margin increased from the previous quarter, and also increased relative to the underlying market rates.
WB Shipholding's trading performance was acceptable taking the market rates into consideration, as the average rates earned on a time charter basis for the entire fleet were 27% higher than the average Supramax spot rates in Q2-15. Nevertheless, the division's Net TC result weakened by USD 1.5 million from Q1-15 to Q2-15 as the division's uncovered ships earned less than in Q1-15.