Chilean shipowner CSAV has posted a profit in the fourth quarter as its investment in Hapag-Lloyd paid off.
Net earnings to 31 December were $11m, it said, without giving a comparative figure.
CSAV has a 25.5% holding in its German boxship partner, which has also merged with UASC.
It put the profit down to the successful combination with UASC, the positive evolution of unit transport costs and an increase in volumes.
CSAV has racked up six consecutive months of profit, but the full-year figure was a loss of $188m, from $23m in 2016.
This was blamed on the dilution of its ownership in Hapag-Lloyd after the UASC deal.
It also said IFRS rules do not allow estimated synergies of $435m annually to be accounted for.
CEO Oscar Hasbun said: "In a market that remains challenging, the results obtained account for the solid competitive position in which we are.
"The rapid integration with UASC has allowed us to begin to capture synergies, which will help us face the negative evolution of rates that we are observing in the first quarter of this year."
CSAV still owns car carriers. This business closed 2017 with profit of $5.6m, up $6.1m from 2016.
