JM Ugland sinks to loss but buys UECC car carrier

The shipping activities of Norway's JB Ugland Group sank into a loss last year.

But the Grimstad-based group is boosting its fleet with another car carrier from United European Car Carriers (UECC).

Shipping subsidary JM Ugland & Co's pre-tax result sank to NOK 10m ($1.17m) last year from a NOK 25m in 2016, according to the company's annual report. The weaker result came partly from lower bareboat rates for two of the company’s ships.