Belships reported its second consecutive profitable quarter after vessel impairment charges caused the Norwegian owner to report losses last year.
The Ulrich Muller-led bulker operated reported a $345,000 net profit in the third quarter compared to a year-earlier loss of $4.1m. The company said the net profit was down slightly from the second quarter of 2016 due to higher ship operating expenses.
Freight revenue for the company’s ultramax and supramax fleet was $5.4m during the quarter, compared to a year-earlier figure of $4.4m.
The Oslo-listed company said it did not need to take an impairment charge on the value of its ships during the last quarter. Last year it took a $5.3m writedown on the value of its ships.
Beships said two of its supramaxes and one of its ultramaxes remain under charter to Canadian potash exporter Canpotex at rates between $16,000 and $17,300 per day. Cargill has its two remaining ships on charter at rates between $4,000 and $5,775 per day.
Belships added that all ships sailed during the quarter without significant off-hire, and operating expenses were below budget.
Belships’ remaining newbuilding program with Imabari Shipbuilding in Japan includes one 63, 000-dwt eco-design Ultramax bulk carrier on a long-term lease agreement with a purchase option for delivery in January 2018.
