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Ultrabulk hit by dreadful bulk market

Long-term contracts pushed the Chilean carrier to a small operating profit in the first six months of the year, but market conditions are tougher than expected, says CEO Per Lange.

Chilean Ultrabulk, which is based in Gentofte near Copenhagen, achieved a slight operating profit (EBITDA) of USD 1.1 million, and a bottom line deficit of USD 800,000 in the first half of 2015, a period that brought a significant decline in revenue.

"The market in the first half of 2015 proved tougher than expected, but with a fairly balanced book we were able to limit the negative impact," says Ultrabulk CEO Per Lange in a comment on the second quarter interim report.

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