In 2014, all three previous quarters were loss-making for the bulker owner, Courage Marine, but last quarter would be in profit.
In the last three-month period, Courage Marine saw its deficit stand at $2.3m compared to $0.6 the prior year.
Courage Marine has will publish its full year result on 27 February and it advised shareholders to exercise caution when dealing in its shares.
Courage Marine owns 4 bulkers built between 1994 and 2011.