Grieg Group’s shipping business had another weak year but the company is full of confidence for the future thanks to its ongoing merger with Gearbulk.

Grieg Star, the shipping division of the group, recorded a loss of NOK 64m ($7.4m), against a net deficit of NOK 463m in 2015.

The company attributed the negative result to low freight rates, which continue to characterize the conventional bulk and open hatch segments.