Per Lange-led Ultrabulk booked a gain of $5.39m in 2014, against a $12.08m profit in the previous 12 months.
Its annual report explained the positive result was acceptable given the adverse market conditions.
“This was achieved mainly due to the long term balanced book, the ability to generate margins from arbitrage business, a solid team performance, and a continued strong focus on risk management,” Ultrabulk said.
“Cargo
