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Ultrabulk expects profit in 2020 despite coronavirus

The coronavirus outbreak has created a weak first quarter for Ultrabulk, but the shipping line expects better rates later in the year. A Chinese aid package is expected to improve the global economy.

Photo: PR / Ultrabulk

The first quarter of the year was weak for dry bulk shipping line Ultrabulk, but the market will improve as early as in the second and third quarters, the carrier writes in its financial report.

The report points to the coronavirus, weak Brazilian iron ore export, low coal import in Europe and seasonal disruptions in Australia as the causes of the weak start to 2020.

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