Joachim Grieg looks forward to first profit in three years

Expansion and an upturn in business are expected to help shipbroker Joachim Grieg & Co to its first profit in three years during 2014, a leading executive says.

Wenche Kjolas, president of Norwegian parent Grieg Group, says the company has invested heavily to grow the broking team from 15 to 50 over the past couple of years.

Joachim Grieg posted an operating loss of NOK 12m ($2m) in 2013, slightly deeper than the deficit seen in the previous 12 months.

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