Western Bulk

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

 

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