“During the second quarter of 2018, we continued to build our activity in the dry cargo period market by replacing expensive time-chartered tonnage with attractively priced vessels improving our competitive position. We remain optimistic in terms of further dry cargo market improvements despite uncertainties related to tariffs and trade friction.”, says CEO Mads P. Zacho.
Options to extend time-charter periods were declared for five handysize bulk carriers and an additional handysize bulk carrier was taken on medium-term time-charter. Three loss making long-term time-chartered handysize bulk carriers were redelivered to owners. In Q2, the average number of controlled bulk carriers were 79 compared to 83 in Q1 2018.
The dry cargo handysize market experienced its normal weakening during Q2, however ending approximately 12% above the level one year ago.
Q2 EBITDA amounted to USDm 1.0 against USDm (6.0) in same period 2017. The improvement was primarily due to continued dry cargo market improvements and, in particular, our core fleet performed better than expected.