Uglands Rederi was hit hard by poor bulker markets last year, but an upturn in freight rates has set the Norwegian shipowner on a steadier path, ahead of a handover in leadership.

Jorgen Lund, chairman of the group, which is also known as The JJ Ugland Companies, said in its 2020 report that the shipowner is "well positioned" for the future.

"The weak shipping markets in 2020 are reflected in our financial results which ended with a small deficit," he said.