Siem Shipping has returned to profit in the first quarter despite falling revenue.
The company, which trades as Star Reefers, said net earnings to 31 March were $0.5m, up from a loss of $1.5m in the same period of 2013.
It has about 77% of fleet capacity fixed for the rest of 2015, with an overall contract backlog of $428m.
Revenue was $43.3m, compared to $58.2m in 2014, however, as capacity decreased by 6% mainly due to the redelivery of the 526,250-cbf Regal Star (built 1994) in December 2014, and two vessel sales.
Regal Star came off a nine-year bareboat deal and is now the subject of a legal claim after its owner said the ship did not comply with the requirements of the charter when it was handed back.