Western Bulk pockets $1.5m profit from ultramax sale

Norwegian dry bulk operator Western Bulk Chartering has locked in about $1.5m profit from the sale of a 2020-built ultramax picked up by exercising a purchase option.

The Oslo-listed company has offloaded the Western Singapore to Thai bulker owner Precious Shipping for $28m.

The purchase option was exercised at Japan’s Nisshin Shipping, and the 63,688 dwt vessel should be delivered to Precious Shipping by April 16, the Khalid Hashim-led company said in a stock exchange filing.

Last July, the Torbjørn Gjervik-led Western Bulk flipped another modern ultramax after exercising a purchase option at Nisshin, banking around $4.5m in the process.

The Christen Sveaas-controlled outfit operates in the handysize, supramax and ultramax segments, running a fleet of more than 100 ships. Following the Western Singapore sale, the company has one purchase option left in the trading book.