Norway's Spar Shipping has reported a doubling of its annual operating profit for 2018, but the privately-owned bulker owner said the results so far this year have been disappointing.
The Bergen-based company’s operating profit rose last year to NOK 235m ($27m at today's rate) from NOK 107m in 2017.
However, the substantial impact of currency fluctuations meant that Spar's pre-tax profit was lower than in 2017.
