Oslo-listed dry bulk operator Western Bulk achieved a significant earnings recovery in the second half of 2025, driven by a broad-based freight market rebound and tightening effective vessel supply. According to the company's report, its net profit after tax for H2 2025 was USD 7.4 million, compared to a net loss of USD 5.2 million in the same period last year. The group's full-year net profit reached USD 5.4 million, successfully reversing the USD 2.7 million loss incurred in 2024. The recovery of the dry bulk market was a key factor in Western Bulk's improved performance, driving the company's earnings growth.

The dry bulk market recovery is evident in multiple areas. The company noted that freight rates in the Supramax and Panamax segments strengthened, primarily driven by robust Atlantic grain flows from the East Coast of South America, improved Chinese coal demand, and continued growth in Asian steel exports. The Baltic Supramax Index averaged USD 17,265/day in H2 2025, a 53% increase compared to the first half, while the Baltic Panamax Index averaged USD 15,980/day, up 49%. These figures reflect the strong momentum of the dry bulk market recovery, directly contributing to Western Bulk's earnings growth.

Regarding fleet strategy, Western Bulk operated an average of 111 vessels in H2 2025, down from 125 vessels in the same period last year, reflecting a stricter exposure management approach. The company primarily chartered Panamax, Supramax/Ultramax, and Handysize tonnage and maintained a diversified cargo portfolio. In December 2025, the company acquired the eco-designed Kamsarmax vessel MV Western Egda through a co-investment structure, marking a strategic expansion. Looking ahead, Western Bulk describes the first half of 2026 as "more constructive" than the weak start to 2025. Supportive factors include continued high bauxite exports from Guinea and Simandou iron ore ramp-up supporting Capesize demand, an expected improvement in Chinese coal imports, strong Brazilian soybean exports and a recovery in US-China soybean trade, as well as persistent fleet inefficiencies from port congestion and slow steaming continuing to offset the impact of newbuilding deliveries. The company expects that tighter effective supply and improved cargo visibility will underpin a stronger earnings environment, further solidifying the earnings growth driven by the dry bulk market recovery.