Tidemand group of companies sees annual profit cut in half

Norway's Tidemand group logged profits for bulker operator Eastern Bulk Carriers and owner Stove Shipping last year, according to its recently released annual report.

But profits before tax were almost halved in 2018 from 2017 to a combined pre-tax surplus of $7.1m, down from $12.7m for Eastern Bulk and Stove.

The bulker operations of the privately-owned group, which is controlled by Otto Tidemand and his family, had suffered years of heavy losses before Eastern Bulk and Stove returned to the black in 2017.