Hong Kong-listed Pac Basin added 43 bulkers during a year in which it reported a profit of $1.5m. This overturned a loss of $158.5m in 2012.
Further expansion came via long term charter contracts for 18 additional vessels.
Mats Berglund, chief executive of Pacific Basin, said: “Dry bulk shipping in the first half of 2013 experienced its weakest market conditions since 1986, while an improved second half demonstrated encouraging early signs of a cyclical upturn with increased rate volatility.
