quarter profits of $596,000, up from $29,000 for the same quarter a year earlier.

Improved panamax rates in the current quarter suggest results will improve further, the company said in a statement.

Underpinning the results was a $248,000 arbitration awarded LOF over the default of a voyage charter.

Total charter income was $15.2 million in the quarter ended December 31 compared to $11.7 million earlier.

Weaker results from its three panamax carriers undermined results, the company said. The three panamax carriers' operating income was $427,000, down $53,000.