Western Bulk Chartering has had its best start to the year since it was founded in 1982, but expects demand for dry-cargo shipping to suffer during the rest of this year.

The Oslo-listed bulker operator recorded $37.4m in net profit after tax for the first half of 2022, more than four times the $9m it booked during the same period in 2021.

“The high market volatility seen in 2021 continued into 2022.