Privately owned XO Shipping has reported a record result for 2020.
The Danish bulker company logged an operating profit of almost DKK 59m ($9.6m), which was an increase of 57% from DKK 37m a year earlier.
Profit after tax for XO rose from DKK 29m to DKK 44m, and the company expects a similar result in 2021.
Revenue increased from DKK 1.23bn in 2019 to DKK 1.44bn last year.
Managing partner Alexander Sillehoved said the market for cargoes such as grain, minerals, steel and cement have been extremely volatile. He added that the company has had success with its short-sighted exposure, as well as its specialisation in geographical and industrial segments.
He said that in spite of risks of closure of ports and quarantines, XO has managed to service its customers through the global lockdowns.
The company was started by Christian Levin in 2010, and he still controls the Hellerup-based outfit.
XO, which also has an office in Geneva, operates about 65 bulkers, primarily in the supramax and ultramax segments.
The company operates the ships on a mixture of voyage contracts and short and long-term time charters.
It expects to increase its staff from 20 to almost 30 by the end of this year, and Sillehoved said it will strive to bring more female employees into the company. He said XO already has five women on its staff.
