Bulker owner Spar Shipping had a difficult start to 2020 with the uncertainties following Covid-19.
But in the second half of the year, the dry bulk market gradually improved, which has led the Norwegian company to report higher profits.
The Bergen-based outfit's pre-tax profit rose from NOK 54m ($6.5m) in 2019 to NOK 320m last year, according to its annual report.
The company reported operating revenue of NOK 908m, up from NOK 778m in 2019.
Spar's board, chaired by Dag Magne Vedvik, said in the annual report that the market has risen like a phoenix from the ashes.
The board expressed cautious optimism, stressing that there are uncertainties over the market going forward.
Spar is owned on a 50:50 basis by brothers Tom and Iwan Eide Knudsen through their company West Coast Invest.
Spar has a fleet of 24 wholly owned supramaxes and ultramaxes with an average age of 11 years. The ships are fixed on a mix of long-term charters, short-term deals or spot market employment.
At the end of 2020, the company's book value stood at NOK 1.8m, but bulker values have risen sharply since then. Based on calculations from UK-based valuation platform VesselsValue, the Spar fleet has gained NOK 1bn in value since the close of last year.
Spar is traditionally a tonnage provider but has been increasingly building up its own chartering activities.
Spar last year ended up as a major shareholder in heavylift operator OHT after a lengthy battle with Grand China Logistics.
