Western Bulk

One of the world’s largest supramax bulk carrier operators Western Bulk Chartering (WBC) anticipates softer second half in 2022. Oslo-based bulker operator Western Bulk Chartering (WBC) stated that drawbacks in China’s economy and weak demand for bulk commodities will mean a more muted H2 2022. Norwegian bulker operator Western Bulk Chartering (WBC) has had the company’s best commencement of 2022 since Western Bulk Chartering (WBC) was established in 1982. Western Bulk Chartering (WBC) anticipates demand for dry-cargo shipping to be slow during the rest of 2022. Oslo-based Western Bulk Chartering’s Singapore office operated around 30 supramax bulk carriers during 2022. Oslo-listed bulker operator Western Bulk Chartering (WBC) reported a net profit of $37.4 million for H1 2022. In H1 2021, Western Bulk Chartering (WBC) reported a net profit of $9 million. Western Bulk Chartering (WBC) anticipates high market volatility seen in 2021 and to be persisted into 2022. 18-August-2022

 

Oslo-based bulker operator Western Bulk Chartering (WBC) operated 2015 built ultramax bulk carrier 63K DWT MV Beks Ceyda purchased the first volume of carbon offset bio-blend bunker (B30) from bunker supplier TFG Marine. John Fredriksen-backed bunker supplier TFG Marine declared emissions from the production, supply, and consumption of the B30 bunker have been offset with carbon credits. Oslo-based bulker operator Western Bulk Chartering (WBC) stated the capability to blend biofuel with carbon offsets is an essential substitute to lower its carbon footprint. Oslo-based bulker operator Western Bulk Chartering (WBC) has long-term goals to lower emissions. Oslo-based bulker operator Western Bulk Chartering (WBC) purchased carbon offset bio-blend bunker (B30) decreases GHG (Greenhouse Gas) emissions by about 25% compared with traditional VLSFO (Very Low Sulphur Fuel Oil). Bunker supplier TFG Marine is a joint venture between commodity trader Trafigura Group and John Fredriksen-backed Frontline and Golden Ocean. Bunker supplier TFG Marine delivers biofuels to clients in the Amsterdam-Rotterdam-Antwerp region and is helping clients to minimize emissions. 7-February-2022

 

One of the world’s largest supramax bulk carrier operators Western Bulk is inaugurating a new office in Dubai. Oslo-based Western Bulk Chartering wants to extend the geographical presence and get closer to the charterers in the Middle East and the Indian Ocean. Currently, Western Bulk Chartering controls the Middle East and the Indian Ocean from the Singapore office. Western Bulk Dubai office is going to manage spot chartering, long-term industrial contracts, and parceling services in the Middle East and the Indian Ocean. Oslo-based Western Bulk Chartering’s Singapore office operated around 25 supramax bulk carriers during 2020. According to Oslo-listed Western Bulk, Dubai is turning into an essential shipping hub for the dry bulk cargo sector. Previously, Oldendorff Carriers, Dampskibsselskabet Norden A/S and Lauritzen Bulkers inaugurated offices in Dubai. 26-October-2021

 

Iason Hellenic Shipping-connected Liberty Shipholding takes Western Bulk to court over coronavirus charter dispute for about $2 million. Iason Hellenic Shipping-connected Liberty Shipholding owned 2013 built ultramax bulk carrier 63K DWT MV Caravos Liberty discharged at a coronavirus-wracked port led to MV Caravos Liberty being arrested in Bangladesh. Iason Hellenic Shipping-connected Liberty Shipholding sued bulker operator Western Bulk in a US federal court in Delaware. Iason Hellenic Shipping-connected Liberty Shipholding needs to trim several accounts held by Western Bulk to assist as security for London arbitration. Iason Hellenic Shipping-connected Liberty Shipholding sent notification to Western Bulk that sending the MV Caravos Liberty to Chittagong would violate a charter clause and prohibiting MV Caravos Liberty from ports where the world sanitary organization has announced infectious epidemics had broken out. Ultimately, MV Caravos Liberty was arrested in Bangladesh on 29 July 2021 and held until 1 September 2021 over claims from cargo receivers Deshbandhu Sugar Mills. Iason Hellenic Shipping-connected Liberty Shipholding is suing Western Bulk for final charter hire of more than $628,000, plus legal fees and other expenses. 7-September-2021

 

One of the world’s largest supramax bulk carrier operators Western Bulk is looking for a listing on Oslo’s Euronext Growth market in Q3 2021. Norwegian supramax bulk operator Western Bulk is contemplating raising new equity for working capital plans. Western Bulk wants to profit from the current strong dry bulk market circumstances. Western Bulk hired Arctic Securities and DNB Markets as financial advisors for the Oslo listing process. Oslo-based bulker operator Western Bulk’s shares have been listed on Oslo OTC (Over the Counter) market since 2017. Christian Sveaas holds a 78% stake and Ojada holds a 9% stake in Western Bulk. In 2019, Christian Sveaas and Ojada granted a cash injection that permitted the Western Bulk to write off $16 million in losses. In 2016, Western Bulk Shipholding (WBS) sold its profitable Western Bulk Chartering (WBC) arm and the Western Bulk trademark to Christian Sveaas controlled Kistefos Equity. Western Bulk anticipates reporting a record profit for 2021. Western Bulk reported a profit of $9 million for Q1 2021. Western Bulk is profiting from a significant shipping market recovery coupled with improving returns on investments in operational improvement. The company expects to posts between $40m and $50m profit for the full year. Western Bulk took desirable positions early in 2021. Western Bulk’s predecessor company had changed the company name to Bulk Invest. 4-August-2021

 

Norwegian bulker operator Western Bulk Chartering reported a loss after tax of $2.9 million in Q2 2020. In 2019, Western Bulk Chartering reported a loss after tax of $24 million. Oslo-based Western Bulk Chartering redelivered bulk carriers to limit exposure to the weak bulker market due to coronavirus recession. Particularly, Western Bulk Chartering was effected by port closures in India and South Africa. Western Bulk Chartering was effected by the low market in the Atlantic basin. In 2019. Last year, Western Bulk Chartering wrote off $15 million in losses related to a failed COA (Contract of Affreightment) in Chile. Western Bulk Chartering controls around 125 bulk carriers. At the end of 2019, Western Bulk Chartering commenced redelivering bulk carriers to shipowners that have limited the Western Bulk Chartering’s exposure to the weak market due to coronavirus recession. Western Bulk Chartering is optimistic for the future of dry bulk markets. In Q2 2020, Western Bulk Chartering was hit by some employees who resigned to join Belships. Western Bulk Chartering has restructured and split the chartering department into six (6) smaller teams with separate profit and loss obligations. 13-August-2020

 

Norwegian bulker operator Western Bulk Chartering lost another manager. Vivek Kumar resigned as MD (Managing Director) of Western Bulk Chartering’s Singapore office and head of Western Bulk Chartering’s Indian Ocean business unit. Previously, five managers resigned from Western Bulk Chartering. Western Bulk Chartering has have been attempting to reorganize the company. Bulk Invest was previously named Western Bulk. Western Bulk Chartering was restructured after the 2016 bankruptcy. 28-May-2020

 

In 2016, Western Bulk Shipholding (WBS) sold its profitable Western Bulk Chartering (WBC) arm and the Western Bulk trademark to Christian Sveaas-controlled Kistefos Equity. Christen Sveaas is converting $13 million of debt into Western Bulk equity. This action is part of an endeavor to support Oslo-listed bulker operator Western Bulk Chartering’s (WBC) finances. Furthermore, Norwegian bulker operator Western Bulk Chartering (WBC) is observing three share issues to increase the company’s capital. The world’s third-largest supramax operator company Western Bulk Chartering (WBC) expressed that the investors will vote on a capital increase of $13.2 million. It will be carried out through the conversion of outstanding debt of $13.2 million owed to main shareholder Christian Sveaas-controlled Kistefos Equity. Currently, Christian Sveaas-controlled Kistefos Equity has 77.5% of the stock of Western Bulk Chartering (WBC). Western Bulk Chartering (WBC) will hold a general meeting on 19 December. One of the world’s largest supramax bulk carrier operators Western Bulk Chartering (WBC) will issue 9.6 million new shares. Additionally, to boost Western Bulk Chartering’s (WBC) equity, the Western Bulk Chartering’s (WBC) BOD (Board of Directors) is suggesting another capital boost of $1.4 million through an issue directed at second-biggest shareholder Ojada. Other shareholders also want Western Bulk Chartering’s (WBC) BOD (Board of Directors) to carry out a repair issue at the same price. Western Bulk Chartering (WBC) has since restructured the company’s Chilean department, sacked the employee, and put new internal control routines in place. Further losses are expected from Western Bulk Chartering’s (WBC) Chilean department, but to a more undersized extent as loss-making agreements are completed. 12-December-2019

 

One of the world’s largest supramax bulk carrier operators Western Bulk Chartering (WBC) is ringing the changes under new CEO Hans Aasnaes. CEO Hans Aasnaes was replaced by Jens Ismar in July 2019. Oslo-based bulker operator Western Bulk Chartering’s (WBC) most prominent investors are pushing to expand the company. CEO Hans Aasnae has been re-organizing Western Bulk Chartering”s (WBC) risk management and business development teams. CEO Hans Aasnae desires to create a straightforward split between business development and control. In January, Norwegian bulker operator Western Bulk Chartering (WBC) announced an ex-employee had agreed on contracts based on unrealistic speculations, which pushed the Western Bulk Chartering (WBC) to lose $17.5 million. Western Bulk Chartering (WBC) has since restructured the company’s Chilean team, and terminated the contract of the employee. Western Bulk Chartering (WBC) set contemporary internal control practices in business. CRO (Chief Risk Officer) Egil Husby expressed that the Chilean case is very complex. In 2016, Western Bulk Shipholding (WBS) sold its profitable Western Bulk Chartering (WBC) arm and the Western Bulk trademark to Christian Sveaas-controlled Kistefos Equity. One of the world’s largest supramax bulk carrier operators Western Bulk Chartering (WBC) resumes having a very promising relationship with charterers in Chile. Western Bulk Chartering (WBC) is operating to expand the business further in Chile. CRO (Chief Risk Officer) Egil Husby expressed that after 15 years in risk management, he is ready for a transformation. CRO (Chief Risk Officer) Egil Husby has strong support from Western Bulk Chartering’s (WBC) largest shareholder, Christen Sveaas, who owns a 77.5% of Western Bulk Chartering’s (WBC) stake through Christian Sveaas-controlled Kistefos Equity. Christian Sveaas-controlled Kistefos Equity has been exceptionally positive and keen to invest in and support Western Bulk. Christian Sveaas-controlled Kistefos Equity has been pushing to grow the business of Norwegian bulker operator Western Bulk Chartering (WBC). One of the world’s largest supramax bulk carrier operators Western Bulk Chartering (WBC) firmly believes in this asset-light ship operating model. Western Bulk Chartering has been attempting to reorganize the company. Bulk Invest was previously named Western Bulk. Western Bulk Chartering was restructured after the 2016 bankruptcy. 15-November-2019

 

Shipowner Pal Woxen Caspersen died at the age of 81. Pal Woxen Caspersen and John Hatleskog began their shipping careers with P Meyer in the early 1970s. Pal Woxen Caspersen and John Hatleskog did not have much experience in the business, but when P Meyer was on the verge of ­collapse in 1975, Pal Woxen Caspersen and John Hatleskog reached an agreement with leading creditor ABN Amro. Ultimately, ABN Amro gave Pal Woxen Caspersen and John Hatleskog control of the company. The assets were moved to the newly inaugurated Havtor. In the 1980s and early 1990s, Pal Woxen Caspersen and John Hatleskog completed a ­series of well-timed deals that saw their fortune accumulation from almost nothing to $55 million. Pal Woxen Caspersen and John Hatleskog’s company Havtor, which had been developed into an LPG carrier shipowner, was ultimately sold to Bergesen. Pal Woxen Caspersen and John Hatleskog split their stakes. Pal Woxen Caspersen’s com­pany Sjoinvest, invested in Western Bulk in the 1990s. In 1997, Pal Woxen Caspersen took control of the bulker operator Western Bulk in the face of opposition from brothers Sverre Jorgen and Otto Tidemand and the Lorentzen family. Pal Woxen Caspersen later sold Western Bulk to Christen Sveaas. HandyBulk sent condolences to our colleagues at Norwegian bulker operator Western Bulk Chartering (WBC). Furthermore, HandyBulk sent condolences to family members of Pal Woxen Caspersen.
HandyBulks’ thoughts and prays are with Pal Woxen Caspersen’ family members during these difficult times. 27-October-2019

 

One of the world’s largest supramax bulk carrier operators Western Bulk Chartering (WBC) reported a loss following failed Chilean failure. Norwegian bulker operator Western Bulk Chartering (WBC) is still spinning from a failed bet on the Chilean market. Western Bulk Chartering (WBC) has noticed the company’s financial results decline following low freight rates in Q1 2019. Western Bulk Chartering (WBC) has been attempting to reorganize the company. Bulk Invest was previously named Western Bulk. Western Bulk Chartering (WBC) was restructured after the 2016 bankruptcy. Oslo-based bulker operator Western Bulk Chartering (WBC) reported a loss after tax of $24.8 million for H1 2019. Norwegian bulker operator Western Bulk Chartering’s net Time Charter (TC) revenue for H1 2019 was -$8.8 million. Western Bulk Chartering (WBC) has been recovering barely thereafter, the shipping market has remained low until just recently rebounding in July. Western Bulk Chartering (WBC) explained the results by higher Voyage Charter (VC) and Time Charter (TC) expenditures, plus other expenses. One of the world’s largest supramax bulk carrier operators Western Bulk Chartering (WBC) operated an average of 158 bulk carriers in H1 2019. Norwegian bulker operator Western Bulk Chartering (WBC)has been still feeling the consequence of a wrong bet made on the Chilean dry bulk market by an ex-employee.
In January, One of the world’s largest supramax bulk carrier operators Western Bulk Chartering (WBC) announced that the employee had authorized agreements based on unrealistic beliefs. Western Bulk Chartering (WBC) lost millions of dollars. Western Bulk Chartering (WBC) has since restructured its Chilean team, and sacked the employee. Western Bulk Chartering (WBC) placed contemporary interior control routines in position. In 2016, Western Bulk Shipholding (WBS) sold its profitable Western Bulk Chartering (WBC) arm and the Western Bulk trademark to Christian Sveaas-controlled Kistefos Equity. Oslo-based bulker operator Western Bulk Chartering (WBC) anticipates reporting a profit after tax in H2 2019 due to the rising supramax rates. Western Bulk Chartering (WBC) anticipates the losses in Chile will continue. In H1 2019, Western Bulk Chartering (WBC) repaid the company’s bond debt and tapped primary investors for new loans. In April, Western Bulk Chartering (WBC) confirmed $15 million in equity from its two major shareholders Ojada and Kistefos. In H1 2019, Jens Ismar was replaced as Western Bulk’s CEO by Hans Aasnaes. 12-August-2019

 

Christen Sveaas-controlled Kistefos will support Western Bulk Chartering (WBC) with another bond sale. Norwegian shipping investor Christen Sveaas controls Viking Supply Ships and Western Bulk Chartering (WBC). In October, Christen Sveaas-controlled Kistefos thinks of tapping into a bond 2021 issue in Oslo. In 2016, Western Bulk Shipholding (WBS) sold its profitable Western Bulk Chartering (WBC) arm and the Western Bulk trademark to Christian Sveaas-controlled Kistefos Equity. Western Bulk Chartering (WBC) has been attempting to reorganize the company. Bulk Invest was previously named Western Bulk. Western Bulk Chartering was restructured after the 2016 bankruptcy. 21-April-2019

 

One of the world’s largest supramax bulk carrier operators Western Bulk Chartering (WBC) has raised equity to meet bond repayment. Norwegian bulker operator Western Bulk Chartering (WBC) has received a fresh tranche of financing. Western Bulk Chartering (WBC) prepares to use in repaying the balance of the company’s $31 million bond. A total of $15 million in equity will be raised which will be guaranteed by Western Bulk Chartering’s two major shareholders Kistefos and Ojada. Oslo-based bulker operator Western Bulk Chartering (WBC) will repay the $28 million outstanding from the bond, which is due to mature this month. This will provide Western Bulk Chartering (WBC) with a robust financial platform and support further growth. CEO Jens Ismar called the transaction an extremely reasonable solution for Western Bulk Chartering (WBC). Western Bulk Chartering (WBC) has strong support from the company’s major shareholders. Western Bulk Chartering’s (WBC) business model predominantly concentrated on short-term commitments. Furthermore, Western Bulk Chartering (WBC) utilizes the shipping market volatility to the company’s advantage. On the other hand, Western Bulk Chartering (WBC) anticipates better results in 2019. However, Western Bulk Chartering (WBC) is proceeding with caution, following a disappointing Q4 2018. Norwegian bulker operator Western Bulk Chartering (WBC) has repositioned the company’s tonnage portfolio in light of a lower dry bulk market. Oslo-based Western Bulk Chartering (WBC) operates around 150 bulk carriers per year. Western Bulk Chartering (WBC) stated that the company strives to exploit market volatility to capture arbitrage possibilities. Western Bulk Chartering (WBC) believes that preparations for the IMO (International Maritime Organization) 2020 sulfur cap are anticipated to supply opportunities in H2 2019. In 2018, One of the world’s largest supramax bulk carrier operators Western Bulk Chartering (WBC) invested in new cloud-based software systems. Oslo-listed bulker operator Western Bulk Chartering (WBC) has upgraded to a new cloud-based voyage management system and group email system. In 2016, Western Bulk Shipholding (WBS) sold its profitable Western Bulk Chartering (WBC) arm and the Western Bulk trademark to Christian Sveaas-controlled Kistefos Equity. Western Bulk Chartering (WBC) will make more investments in technology for both chartering and operations. 6-April-2019

 

Japanese shipowners are proposing a new charter party clause for advance payments as a form of security. Ship operators will be asked to pay months of hire in advance as security. Shipowners see medium to long-term charter deals as a huge risk. Many Japanese owners affected in recent years by the collapse of Western Bulk, Global Maritime Investment. Japan shipowners suggest that upfront payment scheme as a safeguard against operators they regard as high risk. Under the new charter clause, shipowners would take a proportion of the daily charter hire in advance for the length of the charter. Upfront charter payments will be asked by Japanese shipowners who do not have an established business relationship with charterers or charterers who are new to the market. 20-July-2017

 

Norwegian bulker operator Western Bulk Chartering reported a slimmer loss of $7 million in the third quarter of 2016. Norwegian bulker operator Western Bulk Chartering shares trade on the Oslo Over the Counter market, since it split from Bulk Invest. Western Bulk operating an average fleet of 138 dry bulk carriers. 1-December-2016

 

Arne Blystad who is known for the good timing in the sale-and-purchase market in the shipping world, returned to buy a handy bulk carrier. Norwegian Shipowner bought 2010 built 32K MV Western Stavanger for $6 million and the ship will now go on a 3-year time charter to Western Bulk Chartering in Norway. Technical Management of MV Western Stavanger will be done by Blystad. In 2008, Arne Blystad saw the future and sold more than 30 bulker contracts prior to the market crash worst ever in shipping history. Arne Blystad mostly in the tanker sector with 15 smaller chemical tankers in the fleet. 17-June-2016

 

Norwegian and Japanese anchor investors would have put cash into Bulk Invest, as the remaining part of Western Bulk Shipholding (WBS) was known after the sale of its profitable Western Bulk Chartering (WBC) arm and the Western Bulk trademark to Kistefos Equity. Japanese creditors, taken by surprise and deeply aggrieved by the Western Bulk chartering (WBC) sale for $47m but were really worth around $100m. Marubeni Trading, Mitsui, and Mitsubishi are said to have been willing to listen to the proposal, Itochu Shipping less so, and Sojiitz Shipping (Sojitsu) adamantly opposed it throughout. Several of the creditors have already retained lawyers in Oslo for the legal attack on Bulk Invest and Kistefos Equity Operations over what it regards as the unfair and untransparent sale of Western Bulk Chartering (WBC). 15-April-2016

 

Oslo-listed Bulk Invest applied for bankruptcy today just weeks after the former Western Bulk ASA separated its chartering and shipping businesses. CEO Jens Ismar tried very hard to find a solution but could not. Japanese owners collectively fought to reverse the sale of Western Bulk Chartering and it was decided there was no longer a basis for continued operations at Bulk Invest. Western Bulk Chartering is not impacted by the bankruptcy of Bulk Invest. 3-March-2016

 

Western Bulk Carriers (WBC) this week sold its chartering division Western Bulk Chartering to parent company Kistefos. Western Bulk Carriers is leaving the shipowning and long-term charter division on the Oslo, Norway bourse. Western Bulk Carriers (WBC) decision to split off the profitable arm of Western Bulk Chartering, is believed that the move may have strengthened the hand of Western Bulk Carriers (WBC) at the negotiating table. 5-February-2016