Taiwanese bulker owner Franbo Lines has made it back into the black in the first quarter.
Net profit to 31 March was TWD 26.35m ($31.11m), compared to a loss of TWD 11.7m a year ago.
Revenue dipped to TWD 163.63m from TWD 193.04m.
But operating costs were cut faster, to TWD 124.5m against TWD 173.56m in 2017.
The company is listed with a fleet of nine general cargoships and a bulker.
