Soaring bulker values look set to force Saga Shipholding to reverse a big write-down in asset values it made earlier this year.

The open-hatch bulker owner took a NOK 735m ($88.2m) write-down on 10 of its Future Class vessels at the end of its 2020 fiscal year, which closed on 31 March this year.

But since then, the ships have increased in value from about $296m to more than $419m, according to VesselsValue, as freight rates surged.

It means the Japanese-owned, but Norwegian-based, company will likely have to update its balance sheet when the next annual report is filed.