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2015-08-13

Western Bulk ASA: Western Bulk ASA - Second quarter 2015 results

Oslo, 13 August 2015 -
Western Bulk ASA (OSLO: WBULK) 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.

"WB Chartering's performance improved in Q2-15 and delivered increased
margins, which is an achievement in a very challenging market",
says Jens Ismar, Chief Executive Officer of Western Bulk.

The Group's Adjusted Net Result weakened by USD 1.2 million from USD -6.2
million in Q1-15 to USD -7.4 million in Q2-15. As the EBITDA was the same in
both quarters, the weakening is related to financial items, where the USD 0.7
million positive one-off in Q1-15 due to buy-back of bonds, explains most of
the difference. Included in the Q2-15 EBITDA is a one-off USD -1.0 million
accrual for redundancy settlements related to the closedown of WB
Chartering's Panamax business unit.

The Group continues to have a strong cash position. Total available liquidity
(incl. free cash and undrawn credit lines, but excluding restricted cash) was
USD 95.4 million as of 30.06.2015. This was an increase from USD 88.5 million
in the beginning of the quarter. Despite a negative EBITDA, the cash flow
from operations was positive at USD 5.8 million in Q2-15, as the working
capital continued to show a favorable development.

The board and the management have conducted a cost reduction and efficiency
program that has reduced the Group's headcount from 130 to 111 persons. Along
with other savings, this is expected to reduce the Group's administrative
expenses on an annualized basis with USD 3 million when fully implemented.
Moreover, the Group has taken advantage of the sharp weakening of the
Norwegian krone against the US dollar and hedged its estimated
NOK-denominated administrative expenses for 2016 at a rate level that will
reduce the administrative expenses with USD 4.5 million in 2016 compared to
the Group's currency hedge for 2015. In aggregate, these savings are expected
to reduce the Group's administrative expenses with USD 7.5 million for 2016.

Read more in the attached quarterly report and presentation.

CEO Jens Ismar will together with CFO Håvard Furu, present the quarterly
results today at 9.00 am at Hotel Continental, Stortingsgaten 24-26, Oslo as
previously announced. The presentation will also be available as webcast
through our websitewww.westernbulk.com.

For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897
E-mail:jens.ismar@westernbulk.com

Håvard Furu, Chief Financial Officer
Tel: +47 9912 3443
E-mail:havard.furu@westernbulk.com

About Western Bulk:

Western Bulk's shares trade on the Oslo Stock Exchange under the ticker symbol
"WBULK".

For more information, visit our websitewww.westernbulk.com.

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 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 disclaims any obligation to update and revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.

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

Q2 2015 Report
http://hugin.info/158865/R/1945257/705183.pdf
Q2 2015 Presentation
http://hugin.info/158865/R/1945257/705184.pdf

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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: Western Bulk ASA via Globenewswire

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