The New York-listed bulker and boxship company logged net profit of $13.04m, against $13.12m in the same period of 2013.

Revenue grew to $55.29m from $46.57m, while EBITDA increased to $37.47m from $35.64m.

The bottom line was dragged down by higher vessel operating costs and finance expenses, however.

CEO Angeliki Frangou said she was “pleased” with the third quarter figures.

She added: "We used the prolonged market weakness to strengthen our company.