Oslo-based bulk ship operator Belships ended the year 2016 with a net loss of USD 14.6 million, mainly driven by fleet impairment, compared to a net loss of USD 30.2 million.

The company’s operating income for the period increased to USD 25.4 million from USD 21.9 million seen in 2015.

For the fourth quarter of 2016, the company’s net profit stood at USD 1.1 million, representing a turnaround from its net loss of USD 19.9 million reported in the same quarter a year earlier, while the operating income increased to USD 6.6 million from USD 5.9 million in the respective periods.

Belships said that its ships M/S Belstar, M/S Belnor and M/S Belisland continued the long-term contracts with Canadian exporter Canpotex, while M/S Belocean and M/S Belforest are both on time charter to Cargill.

The company’s remaining newbuilding program with Imabari Shipbuilding in Japan includes one 63,000 dwt eco-design Ultramax bulk carrier on a long-term time charter-in agreement including a purchase option for delivery in January 2018.