Oslo-listed MPC Container Ships has managed to make money in the first quarter despite still being in the start-up phase of its plan to build a 100-strong fleet.
Net earnings were $0.5m, compared to a $2.1m loss in the fourth quarter.
Revenue grew to $28.3m from $13.2m over the same period. EBITDA came in at $7.6m, from $0.3m.
The average time charter equivalent (TCE) per vessel increased to $9,352 per day, from $7,901 in the fourth quarter, while operating expenses fell to $4,810 per day from $5,255.
