J Lauritzen continued to build up its time chartered bulker fleet during the second quarter as new trade tariffs failed to dent its optimism for an improving market.
Lauritzen, which saw operating results turn marginally positive in the quarter, extended five handysize bulker time charters and took on three more ships on medium-term deals.
At the same time, three loss-making contracts came to an end with the ships returned to their owners.
Mads P Zacho, chief executive of Lauritzen, said: “During the second quarter of 2018, we continued to build our activity in the dry cargo period market by replacing expensive time-chartered tonnage with attractively priced vessels improving our competitive position.
“We remain optimistic in terms of further dry cargo market improvements despite uncertainties related to tariffs and trade friction.”
Core operating profit of $1m for the second quarter overturned a loss of $6m at the same stage in 2017 thanks to an improving dry bulk market and better results from its gas carriers.
