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.
Bergshav, which is wholly owned by Bergshaven, had a total book equity of NOK 1.11bn at the end of 2020.
The Grimstad-based company's shipping portfolio is concentrated on crude and product tankers, as well as small LPG carriers.
Asked whether the company considered branching out into the bulker and containership markets, Bergshaven said it ruled out a move into the booming sectors for now.
"I don't see this as natural for us now, but I would have liked to invest in boxships last year," he said.
He said players in the now-strong bulker sector "really deserved an upswing".
Bergshav might invest in ships outside its core segments, but that would not be speculative and with employment to solid charterers.
The shipowner said he strongly believes in participating in shipping pools.
Looking ahead, Bergshav said it expects the effects of Covid-19 will be more severe this year.
Bergshav has a fleet of 18 ships, with many owned with partners.
For example, last year, it became a minority partner in Tsakos Shipping & Trading's 163,000-dwt tankers Alaska and Archangel (both built 2006).
