Croatian owner Uljanik Plovidba has reduced its red ink in the first three months of 2017.
The bulker and tanker owner said the net loss was HRK 15.7m ($2.3m), against HRK 22.3m a year ago.
Revenue increased to HRK 51.4m, from HRK 44.9m, while costs were flat at HRK 67.1m.
It said low freight rates in the tanker sector hurt the company, but it sees a recovery in the second quarter as a result of increased demand and a decrease in the number of newly built or ordered tankers.
