The Russian shipping conglomerate reported $45.5m (RUB 2.15bn) in fourth quarter earnings before interest, taxes, depreciation and amortisation during the final quarter of last year (Ebitda), up from $35min the same period of 2013.

The Moscow-listed company does not report bottom-line net income.

The Ebitda improvement comes even though the company saw its revenue drop to $274m during the quarter, from $290m a year earlier.

A