Western Bulk returned to the positive side of the ledger for the first half of this year, in part due to China's demand for coal.
The Jens Ismar-led operator of dry bulk carriers reported net profit of $3.6m versus net loss of $2.09m a year ago. Gross revenue went up to $486m from $412m.
"For the major bulks, Chinese coal demand in particular posted high import numbers as the result of a warm summer and local production issues and helped tie up tonnage as port delays increased," the company said.
