The company said net earnings were EUR 1.1m($1.5m), against a loss of EUR 2.8m in 2012.

The operating result of EUR 0.1m was alsopositive, turning around 2012’s loss of EUR 1.2m.

Revenue was stable at EUR 13.3m from EUR 13.7m the year before.

A key measure was to pool six shipspreviously owned by separate KGs into a single fleet fund for the first time inthe German market.

The