Bergen-based products tanker company Champion Shipping has refinanced after suffering heavy losses and is relatively confident about the future.
Champion was hit badly by the 2008 financial crisis but the board, chaired by Karl L Kvalheim, says 2013 was its best year since then.
Even so, Champion logged a pre-tax loss of $19.6m last year compared with a $14m loss in 2012, as it had to write down the value of its tanker fleet.
