Western Bulk reported a net TC result of $11.7m in the fourth quarter compared to $16.2m in the third quarter of 2013. EBITDA also fell to $1.6m in the fourth quarter from $7.3m in the third quarter of 2013.
This was despite fact that the Baltic Supramax Index was $14,000 a day in the fourth quarter compared to $9,700 in the third quarter. “In spite of a strengthening market, we saw a disappointing decline in our Net TC margin,” Western Bulk said.
“WB Chartering entered the quarter with an overall balanced book with an equal weight of cargoes and vessels, but had a geographical imbalance of cargoes and vessels in certain areas. As the net cargo areas had sharper rate increase than the net vessel areas, this hurt our margin.”
WB Chartering’s fleet grew to an average of 187 vessels in the fourth quarter of 2013 compared 157 in the third quarter of 2013.
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