Newcastlemax owner 2020 Bulkers reported a fall in profits in the second quarter, driven in part by cuts in long-haul Brazilian iron ore exports.

It reported profits of $12m, in line with analysts’ expectations, down from $17.1m in the same period last year. Revenues fell from $28.4m to $23.3m.

The Oslo-listed shipowner described the market as unseasonably weak during the third quarter so far, owing to lower Brazilian iron ore export volumes, less port congestion and fewer ships sitting in port.