Its net result was $30.5m to 31 December, against $26.5m in the same period of 2013.

Revenue from its fleet of offshore ships and car carriers grew to $62.1m from $60.6m year-on-year.

It was boosted by foreign exchange gains of $22.4m, against $3.3m in 2013, but it also racked up derivatives losses of $15.5m compared to $0.6m the year before.

The annual profit was up at $100.8m