Pioneer Marine improved first-quarter earnings despite lower rates as a result of US-China trade tensions, Vale's dam break in Brazil and Australia's weather troubles.
The Oslo-listed owner posted a $1.5m profit for the quarter versus a $1.3m profit during the same period last year.
Charter revenue also improved to $14.4m from $12.8m, thanks to management's good thinking.
The markets were weaker than expected due to many factors such as the US-China trade conflict, infrastructure disruptions in Brazil and heavy weather conditions in Australia," chief executive Torben Janholt said.
“However, good chartering strategy with foresight saw our fleet covered for more than 65 per cent during this first quarter thereby beating average rates in the market and securing a positive operating cash flow."
The company also achieved a $3.9m gain and about $7.7m in cash by getting rid of older tonnage in exchange for more liquidity.
As of 31 March, Pioneer had total liquidity of $23.3m, including $10.9m in restricted cash, and no capital commitments.
Average TCE rate for the quarter was $8,523 per day, down 5.2% from a year ago.
Pioneer's fleet consists of 17 handysizes and a supramax.
