Western Bulk Chartering reported a red bottom line in the second quarter as the bankruptcy of Bulk Invest ASA put a strain on its net time charter margin.
The bulker owner, which is now privately controlled by Christen Sveaas’s Kistefos, logged a net loss of $11.4m, overturning a profit of $1.7m a year earlier.
“The continued weak dry bulk market made it particularly challenging to find good opportunities in the spot market,” WBC said.
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