Profit at Norway’s mini-bulker specialist Wilson rocketed in the first quarter as it spies promising long-term indicators for its markets.

The net result to 31 March was €23.77m ($24.65m), up from €7.9m in the same period of 2021.

The company said it had made a strong start to the year, with healthy demand for cargoes.

Revenue rose €25m to €101m, while the fleet averaged rates of €6,327 per day in a good spot market, up from €3,987 a year ago.

Wilson runs 123 ships, including 101 owned vessels.

In the second and third quarters, this total will be swelled by 11 units.

The contract coverage in the first quarter of 2022 was 59.6%, Wilson said.

“The persistent geopolitical situation” involving Russia and Ukraine will influence the short-term picture, and increased inflation could also affect the company “somewhat”, increasing operating costs in the future.

But over the long term, it said: “There are signs of increased industrial production in the company’s domestic market, Europe.

A good future framework

“Combined with tight supply side in shortsea, it will, in the company’s view, continue to ensure good framework conditions in the future.”

Wilson expects earnings for the second quarter to be slightly above those recorded in the first three months.

In January, Wilson said it had bought 11 small bulk carriers it operates under time charters.

The Oslo-listed company took over long-term contracts for 20 ships as part of a 2019 cooperation deal with German owner Arkon Shipping.

Now it has moved to take 11 of those coastal vessels into ownership.