Norway’s Western Bulk has revealed a substantial loss for 2023 after being too pessimistic about bulker markets.

The Oslo-listed operator, which focuses on supramaxes, ultramaxes and handysizes, ended up paying more to charter in vessels during two market spikes in the second six months.

The company called its trading performance “weak” for the period, with the net loss expected to be between $14m and $16m for the full year.