Western Bulk Chartering AS (DE:7EJ) has released an update.
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Western Bulk Chartering AS experienced a challenging quarter as the expected seasonal market surge in the Atlantic did not occur, leading to a decrease in the Baltic Supramax index. In response to a flat to short market outlook and a softer Panamax market, the company has strategically reduced its long exposure and is optimizing its fleet management. Additionally, Western Bulk has initiated a cost-reduction plan to lower its G&A expenses by approximately 3 million USD annually by 2025 and has decided not to declare a dividend for Q3-24.
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