Norwegian dry bulk carrier Belships lands a net result of USD 16.5 million in the first quarter after a loss-making 2020. A cold winter and rising demand for raw materials has led to increased freight volumes, informs the company.
Norwegian Belships is in the red after the Covid-19-plagued year 2020. However, a record-low orderbook and increasing demand lay the foundation for a strong market in the coming year, according to the annual report.
The Norwegian dry bulk operator landed a small profit in the fourth quarter unlike in the previous quarters of 2020, in which the company lost money in light of a historically small order book in the dry bulk market. The annual result lands in the red.
Belships lost money for the second consecutive quarter, but the operator notes that the order book in dry bulk is at a historic low. "We are therefore more optimistic in terms of market prospects," says management.
Climate efforts have become a parameter in line with companies' abilities to be profitable. In a new report, Danske Bank points out which shipping companies are the closest to achieving the IMO's target of lower emissions and which still have the furthest to go.
Belships books a deficit in the second quarter after the coronavirus pandemic "eliminated" the seasonal recovery that usually characterizes spring. The dry bulk operator has otherwise recently booked a series of profits.
Belships has just hired six top employees from Western Bulk to strengthen its business in Oslo. CEO Lars Christian Skarsgård is open to more recruitments and believes in growth in the otherwise hard-pressed dry bulk market, he tells ShippingWatch.
The second quarter is off to a historically weak start, says dry bulk operator Belships, which also saw its result drop in the first quarter. The shipping company recently hired six top employees from Western Bulk.