Croatian shipowner Atlantska Plovidba has erased last year’s interim loss in more lucrative bulker markets.
The Zagreb-listed company said in a filing that it had recorded net earnings of €6.9m ($7.6m) in the six months to 30 June, compared with a net loss of €1m a year ago.
Revenue rose to €32.2m from €24.7m and total costs fell to €25m from €26m.
Ebitda rose to €14.9m in the first half, from €8.8m last year, and the margin grew to 50% from 36%.
Dubrovnik-based Atlantska controls 13 kamsarmax, supramax and handysize bulkers.
In July, its owner Tankerska Plovidba, a tanker and bulker company, raised its stake again in its subsidiary through a second share offer.
Atlantska told the Zagreb stock exchange that Tankerska now has 71.16% of the equity, up from 64.51% when it launched a bid to mop up remaining minority shareholders in May.
Atlantska continued its fleet renewal in April, declaring an option for a third ultramax newbuilding at Jiangsu Hantong Ship Heavy Industry in China.
The 63,500-dwt ship will cost $32.5m, the same as the first pair in the series ordered in February.
The latest vessel will be delivered in 2027, following the others in 2026.
