Arne Blystad-backed Songa Bulk has reduced its loss in the first quarter as ships are delivered.
The company said the net deficit of $1.8m was mainly due to its being in the start-up phase.
It had four ships as of 31 March, but the fleet will grow to 10 when all current purchases are handed over.
The loss compares to $2m in the final three months of 2016.
