The bank said it actually logged a reverse impairment of £3m ($5m) to 31 March, compared to a loss on shipping loans of £8m in the same quarter a year ago - and a whopping £310m in the fourth quarter of 2013.

The shipping portfolio has been cut by another $506m to £6.2bn, from £6.5bn at the end of 2013, the lender added.

It