Profit after tax for the financial year ending 31 March dropped to £1.19m ($1.87m), down from £1.6m in the previous corresponding period.

The result was buoyed by the £834,000 sale of the remainder of its bond portfolio.

Writing in the Baltic’s Reports & Accounts released today, chairman Quentin Soanes described the major concern as the “disappointing”  performance of the Baltex freight derivatives trading system which accrued losses of  £682,093 over the period. 

“While