Taiwanese bulker owner U-Ming has returned to profit for 2017 after revenue increased strongly.
Net earnings last year were TWD 999.52m ($34.24m), it said, up from a loss of TWD 878.35m in 2016.
Revenue jumped to TWD 8.5bn from TWD 6.5bn, while operating costs rose to TWD 7.72bn against TWD 6.71bn the year before.
TradeWinds reported last month that U-Ming was believed to be paying up to $150m to join the crowd participating in a vast VLOC building programme backed by long-term charters to Brazilian miner Vale.
