Norwegian mini-bulker specialist Wilson saw limited impact from the coronavirus pandemic during the first quarter.
But the Oslo-listed company said the situation remains subject to change.
"In the future, there is uncertainty as to whether the Covid-19 pandemic will lead to changes in the demand side and the transport needs of customers," Wilson said in its quarterly report.
"It is therefore difficult to predict how the development will be and how it will turn out for the company in the short term."
Meanwhile, Wilson confirmed it has entered into an agreement to sell its 7,100-dwt open-hatch bulker Wilson Trent (built 1980).
Neither the buyer nor the sale price were disclosed.
The company took over four vessels during the first quarter of 2020, two of which were purchased from UK-based Carisbrooke Shipping and another two from Arklow Shipping of Ireland in late 2019.
Wilson said it had secured debt financing against the four vessels.
Its quarterly report shows that its total interest-bearing debt, including lease obligations, grew by an extra €2.7m during the first quarter this year to €165m (181m).
Bottom line
Profit before tax in the first quarter was €1.6m, half as much as during the same period in 2019, even though vessel earnings were roughly the same as last year.
After tax expenses, however, Wilson's net loss for the quarter was €300,000, down from a €2.9m profit last year.
Depreciation charges continued to weigh heavy on Wilson's bottom line, but to a slightly lesser extent this year due to a change in how the cost is calculated.
Wilson has changed the depreciation period for all vessels from 30 years to 35 years to reflect to the vessels' useful life.
This caused the depreciation to be €300,000 lower than last year at €7.4m during the first quarter.
Earnings before interest, taxes (Ebitda) for the three-month period totalled €10.3m, compared to €12.2m in the same period last year.
Time-charter equivalent earnings were €3,368 per day, down slightly from €3,548 daily in 2019.
Operating costs were roughly the same as last year and the company's liquidity position at the end of the first quarter stood at €22.1m.
Wilson operates 114 vessels, of which it owns 92 as of Thursday.
It focuses on large volumes and long-term contracts for customers in Norway and Europe.
