The improvement came despite a drop in revenues from 2012's $78.2m to $62.9m in 2013 as the average number of vessels in the fleet fell from 24 to 19.
"In the fourth quarter of the year, our dry bulk vessels benefited from a recovery in this sector and traded profitably at the bottom line," said John Dragnis, ceo.
"Asset prices and rates have bottomed out in the dry bulk sector with the value of a five-year old supramax increasing by more than 25% during 2013 and the BSI (Baltic Supramax Index) increasing by 10% on average compared to 2012... The container market remained under pressure for a fifth year with earnings remaining at levels close to all time lows." Dragnis commented.
Goldenport has chosen short three to six month charters for its fleet in anticipation of a bulk revival, and is considering 12 month charters where they are profitable.
"Looking forward into 2014 we believe that the dry bulk sector is going to recover before the containership sector and offers a more attractive risk-return profile so we are planning to further increase our exposure to small- and medium-sized dry bulk carriers and reduce our exposure to older containerships, while maintaining a competitive operating cost base."
Interest expenses for the firm decreased by $1.2m to $6.2m for 2013 as $28m in repayments cut company's debt by 13%, partly funded by proceeds from vessel disposals. Goldenport had $15.4m in unrestricted cash equivalents at the end of 2013.
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