Norway's Bergshav posted a dip in profits as a result of lower rates and a smaller fleet.
But owner Atle Bergshaven expressed caution about moving beyond the tanker and gas carrier sectors.
The diversified shipping company logged a profit of NOK 100m ($12m) for 2020, down from NOK 106m in 2019.
Revenue fell from NOK 744m to NOK 556m.
