Arne Blystad-led Songa Container has flipped its first-quarter results into the black as the shipowner pocketed asset sale profits.

The Norwegian company, which has a fleet of 14 boxships, reported a pre-tax profit of $19.1m, up from a $8.5m loss in the same period of last year.

Much of the profit came from the sale of the 4,957-teu Songa Toscana (built 2013), which went to TS Lines for $42.3m