The result was a sharp improvement on a net adjusted result $0.4m in the first quarter. The company said the results had been adjusted to exclude “unrealized fair value adjustments on derivatives held to hedge future results”.
Despite a tough dry bulk market WB Chartering reported an adjusted net result of $5.7m, up from $4.4m in the first quarter of 2014.
Its net time charter (TC) result increased $28.6m in the second quarter, up from $12.4m in the first quarter, mainly due to increasing the net TC margin to $1,135 per day on an average of 161 ships in its fleet.
“We are pleased with an improved net TC performance in Q2 2014 in a very challenging market with rates currently at levels not seen since the financial crisis,” said Jens Ismar, ceo of Western Bulk
“However, we remain cautiously optimistic for the rate levels for the reminder of the year, and have maintained our net long position in WB Chartering going forward.”
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