GoodBulk has again boosted its bottom line during weak freight markets by selling off vessels and has distributed its largest ever payment to shareholders.

The shipowner, which has its shares registered on Oslo’s over-the-counter market, recorded a net profit of $31.2m, which equated to $1.04 in earnings per share. This includes a $30.8m gain on the sale of a vessel delivered during the period.

The quarterly result compares with a profit of $32m in the same period of last year, when earnings per share were $1.06.