The holding company for Nicolai E Lorentzen and his family has reported a jump in profit after two lucrative bulker sales.

Jamlo, which is the parent of shipowner Lorentzen Skibs, logged a pre-tax profit of NOK 33m ($4.1m) in 2017, against a NOK 1m profit a year earlier, according to its annual results.

Jamlo also reported successes in its bulker positions. The outfit has been managing owner in a limited partnership company set up by Ness, Risan & Partners that has now sold two of its three bulkers.

The company has now confirmed selling the Sanoyas Shipbuilding-constructed, 48,000-dwt Nordic Kiel (built 2001).

Chinese owner Taizhou Shunding is understood to have paid $8.2m for the vessel. The Norwegian investors paid less than $4m for it.

Lorentzen also confirmed the sale of the 25,000-dwt bulker Nordic Aarhus (built 2000) to a Chinese owner for $6.8m, which is twice as much as the company and its partners paid.

Lorentzen has previously stressed that many of the outfit’s investments would not be revealed until they were realised, and consequently its annual accounts do not fully reflect the company’s positions.

“Right now, I am in fact quite tired. We have been very busy,” he said as he discussed the annual results during a family holiday in Norway.

His company has not only been a seller of ships. In May, it bought the 16,500-dwt heavylift vessel Nordic Svalbard (built 2010) in an unreported deal.

Lorentzen said heavylift multipurpose vessels are potentially attractive going forward.

“We are looking into cash flow deals, and deals that involve long-term charters,” he said. “We are not tied to any particular shipping segment.”

After the sale of the two bulkers, Lorentzen Skibs has four such units left, in addition to four containerships.

The group also has two tankers, two sideport ships, two reefers, one offshore vessel and three heavylift multipurpose vessels.

Jamlo has investments outside of shipping, including tourism and management services. The company is owned by Lorentzen, his brother and his sister.

Jamlo had a book equity of NOK 300m at the end of last year.

Lorentzen declined to disclose the company's net asset value.