The Danish products tanker owner booked a profit of $2.3m for 2014 including a one-off gain of $5.2m from the reversal of an impairment loss on the 73,750-dwt Nordic Ann.

It had booked a bigger profit of $19.4m in 2013 but this figure included a gain of $28.6m arising from the restructuring process.

Revenue was reduced by $10m to $50m in 2014, as a strong fourth quarter was not enough to offset depressed rates during the three previous quarters.

Nordic