Its net result for the third quarter was KRW 39.8bn ($39m), against a loss of KRW 317.7bn in the same period of 2013.

The company said it was boosted by a foreign currency gain of KRW 86.5bn as the won depreciated against the dollar.

Revenue was down at KRW 2.148 trillion from KRW 2.53 trillion, as cargo volumes dropped as it sold off older ships.

Operating