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Bulk Invest ASA: Bulk Invest ASA - Fourth quarter 2015 results

Oslo, 29 February 2016 -
Bulk Invest ASA (OSLO: BULKIN) announces its fourth quarter 2015 results.

Improved Net TC and but weaker Adjusted Net Result in Q4

The Group's Net TC result increased by USD 5.0 million compared to the
previous quarter and amounted to USD 5.6 million in Q4-15, compared to USD
0.6 million in Q3-15.

* WB Chartering's Net TC result increased by USD 4.8 million from the
previous quarter. The base margin remained stable quarter-on-quarter, and
the division also achieved a gain from its positive positioning margin due
to a net short position on vessels during the quarter as the market rates
continued to fall.
* Bulk Shipholding's Net TC result improved by USD 0.2 million from Q3-15 to
Q4-15. The division's trading performance was good taking the market rates
into consideration, as the average rates earned on a time charter basis for
the entire fleet were 31% higher than the average Supramax spot rates in

The Group's Adjusted Net Result decreased by USD 7.8 million from USD -10.2
million in Q3-15 to USD -18.0 million in Q4-15, primarily caused by
impairment charges, while the Net TC result increased. Higher administration
expenses were caused by higher bonus accruals in WB Chartering than in Q3-15,
and also tax expenses increased quarter-on-quarter with an accrual for
year-end tax posted in Q4-15.

Please read more in the attached full press release, quarterly report and

The CEO Jens Ismar will present the quarterly results today at 11.00 am
through a teleconference. To attend the teleconference see previously
published invitation with dial-in details.

For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Q4 2015 Presentation
Q4 2015 Report
Q4 2015 Press Release


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bulk Invest ASA via Globenewswire


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