Japanese owner Iino has seen annual earnings drop despite selling off vessels.
In the year to 31 March, it made JPY 4.26bn ($38.1m) on a net basis, from JPY 4.79bn the year before.
Revenue was down to JPY 81.33bn against JPY 84.84bn, while operating costs fell to JPY 68.81bn versus JPY 73.16bn.
It has 57 vessels operational, with five more on order.
