Russia's North-Western Shipping (NWS) has posted a steep drop in 2016 earnings as revenue fell.

The bulker owner said net earnings dropped to RUB 396.55m ($7.05m) from RUB 1.93bn in 2015.

Revenue decreased by 17.5% to RUB 6.99bn from RUB 8.47bn over the same period.

Cargo volumes for 2016 rose 18% year-on-year to 5.7m tonnes, however.