The diversified shipowner booked adjusted profit of $30.7m during the last quarter, versus $1.1m in the corresponding period.

Quarterly net revenue was $519.8m, up from $461.8m in the same stage of 2013.

Full year earnings stood at $1.5m, recovering from a loss of nearly $80m in 2013.

Peter Evensen, chief executive for Teekay, said: “Since reporting our third quarter results in November, we have continued to make steady progress on Teekay Parent’s strategic transformation into a pure play general partner.

“Teekay’s