Hong Kong-based supramax specialist Jinhui Shipping and Transportation reported a loss for 2020 amid a 25% drop in revenue.
But the Oslo-listed company posted a booming fourth-quarter profit based in large part on financial gains rather than shipping.
The shipowner, which is majority owned by Hong Kong-listed Jinhui Holdings and controlled by brothers Ng Siu Fai and Thomas Ng Kam Wah, logged a consolidated net loss of $15.25m,
