The Oslo-listed shipowner booked net income of $9.6m for the three months ended 31 May 2014 versus a loss of $5m a year ago.
“The freight market bottomed out in February and as we entered March, spot rates started to improve,” Avance said Wednesday.
“The market continued to strengthen, reaching levels above $100,000 p/d by the end of April. Activity slowed down in May before picking up again in June.
“The
