Higher revenue, reduced costs and no impairments help reefer company end the year in black.

Siem Shipping has ended 2015 in a much improved financial position compared to a year ago, figures released Monday show.

Net income for the quarter was $2.3m versus a loss of $811,000 seen twelve months earlier. The positive result helped it to a full-year profit of $10.1m.

Revenue for the fourth quarter increase 5.6% to $49.8m, while costs showed a year-on-year decline of 10.6% to $11.3m.

Siem Shipping said the fourth quarter was affected by more vessels chartered-in, while the fourth quarter 2014 was affected by an unusually high number of dry-dockings and two vessels going into lay-up.

Read the full article at Tradewinds