Thoresen Shipping took full advantage of improving dry bulk markets to post a 20% year-on-year increase in first-quarter net profits.

The Thai supramax specialist posted net income for the first three months of the year of THB 656.4m ($18m) versus the THB 421.3m achieved 12 months ago.

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However, revenue for the quarter was down 19% year on year at THB 1.7bn