The bulker owner said it made TWD 305.5m ($9.85m) on a net basis, down from TWD 542.3m in 2013.

Revenue grew to TWD 2.89bn against TWD 2.77bn and operating profit was higher at TWD 234m, from TWD 177m.

But 2013's result was boosted by bigger gains from foreign exchange and asset sales. Last year's tax bill was also bigger.

The owner has two 60,000-dwt bulkers due from Oshima Shipbuilding in Japan this year.