China Shipping Haisheng (CS Haisheng) has returned to the black in 2015 as against a loss in 2014, thanks to a strong first quarter and subsidies received from the state.

Net profit for last year was recorded at RMB24.14m ($3.72m), erasing the loss of RMB194.13m in 2014. The Chinese bulk shipowner suffered losses from the second to the fourth quarters due to the significant slowdown in the dry bulk shipping market, but it still managed a full year profit aided by the strong profit of RMB140.37m in the first quarter.

Shanghai-listed CS Haisheng also benefited from a total of RMB8.26m in subsidies and grants which contributed to its 2015 financial results.

Revenue last year came up to RMB952.25m, down 8.8% from RMB1.04bn in 2014.

CS Haisheng, formerly majority-owned by China Shipping Group, was sold and is now controlledby healthcare group Lanhai Shangshou.