Oslo, 29 February 2016 - Bulk Invest ASA (OSLO: BULKIN) announces its fourth quarter 2015 results.

Improved Net TC and but weaker Adjusted Net Result in Q4
The Group's Net TC result increased by USD 5.0 million compared to the previous quarter and amounted to USD 5.6 million in Q4-15, compared to USD 0.6 million in Q3-15.

  • WB Chartering's Net TC result increased by USD 4.8 million from the previous quarter. The base margin remained stable quarter-on-quarter, and the division also achieved a gain from its positive positioning margin due to a net short position on vessels during the quarter as the market rates continued to fall.

  • Bulk Shipholding's Net TC result improved by USD 0.2 million from Q3-15 to Q4-15. The division's trading performance was good taking the market rates into consideration, as the average rates earned on a time charter basis for the entire fleet were 31% higher than the average Supramax spot rates in Q4-15.

The Group's Adjusted Net Result decreased by USD 7.8 million from USD -10.2 million in Q3-15 to USD -18.0 million in Q4-15, primarily caused by impairment charges, while the Net TC result increased. Higher administration expenses were caused by higher bonus accruals in WB Chartering than in Q3-15, and also tax expenses increased quarter-on-quarter with an accrual for year-end tax posted in Q4-15.

Please read more in the attached full press release, quarterly report and presentation.

The CEO Jens Ismar will present the quarterly results today at 11.00 am through a teleconference. To attend the teleconference see previously published invitation with dial-in details.

For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897
E-mail: jens.ismar@bulkinvest.no

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Bulk Invest ASA issued this content on 29 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 February 2016 07:27:22 UTC

Original Document: http://www.westernbulk.com/release?xml=http://cws.huginonline.com/B/158865/PR/201602/1990038.xml