Western Bulk Chartering AS announced unaudited consolidated earnings results for the fourth quarter and full year of 2016. For the quarter, the company reported net T/C result of $2.2 million, LBITDA of $3.7 million and loss after tax of $2.6 million.

For the year, the company reported net T/C result of $4.4 million against $44.5 million a year ago. LBITDA was $19.2 million against EBITDA of $9.1 million a year ago. Loss after tax was $20.0 million against profit after tax of $7.2 million a year ago.

The company provided earnings guidance for the full year of 2017. 2017 has started with a continued positive trend for the group's operating performance, as the January Net TC result of $1.8 million ($424 per ship day) was the best monthly Net TC result since the beginning of 2016. The market is expected to remain challenging for 2017, but is likely to yield somewhat better average rates than in 2016. In line with the group's improved performance during second half of 2016 and in January 2017, the operating performance is expected to be better in 2017 than in 2016. The Group's overall aim is to return to profits in 2017.