Privately-owned Norwegian bulker company Arriva Shipping generated a record result in 2020, despite the operational upheavals caused by the Covid-19 pandemic.
The company reported a pre-tax profit of NOK14m ($1.7m) compared to NOK5m in 2019.
The family owned company has a fleet of six self-unloading dry bulk vessels ranging from 3,700 dwt to 6,400 dwt and has a further five to 10 vessels on charter at any one time.
The ships primarily trade in northern Europe, with Arriva claiming around 75% contract coverage.
Company head Sindre Matre said the short sea market has seen little newbuilding activity in recent years.
As a consequence, the company said its result last year was surprisingly good.
Arriva, which is based in Olen on Norway's west coast, ordered its first newbuilding in 2019, a 8,500-dwt hybrid vessel due for delivery early next year.
Construction is underway in China, while outfitting will take place in Norway. Arriva also held an option for a second vessel, but has let the option lapse.
It is believed that the vessel is costing between $13m and $15m.
The order is part of a four vessel order from Scandinavian owners, including two sisterships for Berge Rederi in Norway and Berndtsson Rederi in Sweden.
The ships are being built at Dayang Offshore Equipment Co in Jiangsu Province. Coreship in Lillesand, Norway acted as broker on the deal.
Jarle Matre holds 62% of the shares in Arriva, which earlier was called Sandfrakt.
At the end of 2020 the book equity of Arriva was NOK 97m. The operating profit totalled NOK 359m last year, which is the highest ever for the company.
The Arriva board said that the operational challenges over crew changes caused by the Covid-19 pandemic will continue to the autumn.
