Its net earnings were £40.48m ($62.19m) in 2014, against £38.74m the year before.

Revenue grew to £444.4m from £413.7m in 2013.

The Tankships coastal products carrier division produced underlying profit of £4.7m, from £3.2m a year ago.

Fisher said the result reflected its decision to cut capacity in previous years, which improved utilisation and further reduced the proportion of cargo fixed on the spot market, where rates remain suppressed.

Revenue