Ultrabulk books deficit despite expectations of profit in 2020

The challenges on the dry bulk market led to a deficit for Ultrabulk, contrary to expectations. The revenue also took a small blow, resulting in a "disappointing result", according to the company’s CEO.

Photo: PR / Ultrabulk

Last year turned out quite differently than expected for dry bulk shipping line Ultrabulk. Despite a weak start to 2020 due to the Covid-19 pandemic, Ultrabulk expected that the market would recover, hoping to yield a profit on the bottom line.

But 2020 resulted in a USD 16.3 million deficit in 2020 against a profit of USD 13.2 million in 2019, writes Ultrabulk in its annual report.

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