Christen Sveaas' shipping investment company Kistefos has racked up bigger earnings in 2018 as ship sales boosted the result.
The company said it made NOK 1.78bn ($209m) on a net basis last year, up from NOK 341.1m in 2017.
Revenue grew to NOK 14.37bn from NOK 9.37bn, mainly due to gains from Viking Supply Ships selling vessels, as well as higher rate levels and activity in Western Bulk.
Kistefos owns 75% of Western Bulk and 78% of Viking Supply Ships, among other investments.
It said there had a been "positive development" in 2018.
Viking recorded net earnings of SEK 1.75bn ($190m), as it banked SEK 2.46bn from selling three icebreakers.
Western Bulk delivered a reduced net time-charter result of $31.6m in 2018 after being hit by a loss of $13m in Chile.
Contracts there were entered into based on "unrealistic assumptions presented by a trusted employee, combined with a market that moved towards the positions the company had taken," Kistefos said.
The business unit is now restructured, and the trusted employee has been removed from the post, while internal control routines have been reviewed and improved, it added.
"The majority of the loss-making contracts in Chile expire in the first quarter of 2019, and the restructuring of the business unit has led to a shift towards short-term exposure, which is more in line with the activity in the other business units," it said.
"Western Bulk expects that increased volatility and uncertainty in the market can provide attractive arbitrage opportunities in the future."
