Despite posting a 40% rise in net profit compared to the same period of 2012, the share price fell by over 20% on the Oslo Stock Exchange as earnings came in below expectations.
The slump did not surprise analyst Eirik Haavaldsen at Pareto Securities who had predicted a far stronger showing.
Western Bulk reported earnings before income tax, depreciation and amortisation (ebitda) of $1.6m,
