Japanese shipowner Iino Kaiun has posted better nine-month earnings despite lower revenue.
The company said it made JPY 4.13bn ($37.96bn) on a net basis to 31 December, from JPY 3.81bn a year ago.
Revenue dipped to JPY 60.97bn against JPY 62.38bn in 2016.
It said the shipping business environment "did not improve much overall", with the over-supply of vessels "unresolved".
