The Swedish tanker owner earned SEK 8.6m ($1.2m) during the full year, against an SEK 28.8m deficit in 2013.

But Kim Ullman, chief executive for Concordia, told TradeWinds the overall profit should have been more.

"We had to wait until the end of the fourth quarter until the CPP market delivered what we had been expecting over the year," he added.

Revenue ran to SEK 531.2m,