Elkem Chartering has expressed a continued negative outlook for the bulker market, where it maintains minimal activity.
As a result, the Oslo-based operator of handysize through ultramax bulkers logged revenue of just NOK 5m ($600,000) last year, which is unchanged from 2015. Pre-tax profit dropped from NOK 11m to NOK 3m.
At the peak of the market in 2008, Elkem Chartering was a substantial player with annual revenue of $142m but it has scaled back dramatically in recent years.
