Bulker markets have been so good during the third quarter that Western Bulk Chartering has added an extra $10m to its full-year profit guidance.
The Norwegian operator, which listed its shares on the Oslo Stock Exchange in September, said it expects to book net profit of between $50m and $60m after tax for 2021.
This is up from its previous guidance of $40m to $50m, which the company indicated in August when it published its earnings for the first half of the year.
The firm said the revision was made following a "solid" third quarter and is based on its current market outlook for the final three months of this year.
"Western Bulk has had a very good start to the second half of 2021," the company said in a filing on Tuesday.
Dividend hopes
In August, the operator announced its best first-half profit in its five-year history as Western Bulk Chartering.
It logged $9m in profit for the six months, up from a net loss of $2.9m in the same period of 2020.
Western Bulk Chartering thinks it should be able to implement a quarterly dividend policy of 80% of profit from the first quarter of 2022, the company said last month.
A special dividend for 2021 is also being lined up, which will be worth at least $30m.
Western Bulk Chartering raised NOK 130m ($15m) in a private placement of shares when it listed on the Euronext Growth board in Oslo during early September. Its shares have been registered on Oslo's over-the-counter market since 2017.
Its predecessor company, which had the same name before becoming Bulk Invest, was listed on the Oslo Stock Exchange from 2013 to 2016.
