A better showing from new business helped the company in a weak market as EBITDA remained flat at negative $4.5m for the three months to the end of June.
Jens Ismar, chief executive of Western Bulk, said: "WB Chartering's performance improved in the second quarter of 2015 and delivered increased margins, which is an achievement in a very challenging market.”
A rise in its adjusted net loss from $6.2m in the first quarter of 2015 to $7.4m in the second was attributed to financial items including the buyback of bonds.
Western Bulk noted cost cutting has reduced its staff from 130 to 111 people, which is part of a package to take $3m per year out of its general and administrative expenses.
Its cash pile is stronger at $95.4m at the end of the quarter, up from $88.5m at the start of the period.
