The company is known primarily for operating smaller bulkers up to supramax size, although it has wanted to get into panamaxes since 2013.
Last year, it poached the nine-strong panamax team of compatriot K2 Shipping, including its boss and founder, Knut Lind.
The plan was to exploit the market position that Western Bulk has in the other segments but now chief executive Jens Ismar says the plan did not work out and confirms that the department will be closed down.
