Canada’s Algoma Central Corporation has reduced its first quarter deficit thanks to a gain on shipbuilding contracts.
The tanker and bulker owner said the net loss to 31 March was CAD 7.95m ($6.16m), against CAD 23.77m in 2015.
Revenue dropped to CAD 40.47m, compared to CAD 43.9m the year before.
But it booked a gain of CAD 16.19m from shipbuilding contracts.
In April it said it had received payments worth $53.4m
