Malaysian Bulk Carriers has reported a 250% increase in Q1 net profit to MYR52.9m ($16.5m) compared to MYR16.1m ($4.88m) a year ago.

During the quarter the dry bulk operator’s revenue rose 117% to MYR114m ($34m) against MYR52.6m ($16m) on a year-on-year basis.

The company attributed the revenue growth to a rise in charter rates and charter days, according to

The company’s charter rate for its dry bulk fleet was $30,263 a day between January and March, an increase of 156% against $11,807 a day last year, the company said.

The time charter equivalent rates for the company’s product tanker fleet fell 5% to $18,717 a day from a daily rate of $19,138 in the first quarter last year.