Seven Seas Carriers has reversed writedowns of NOK 146m ($18.6m) as the bulker owner has benefited from high vessel values.

The Bergen-based company had taken the writedowns during 2015 and 2016. But the move to restore the book value of the vessels was not enough to take Seven Seas' annual figures into the black.

Shipowning companies S-Bulk and V-Bulk still logged a combined loss of NOK 13m last year, compared with NOK 63m in 2016.