The Oslo-listed shipowner reported an 18.5% year-on-year decline in third quarter revenue from $6.5m to $5.3m.
Belships said the weaker performance was related to the redelivery of the 48,673-dwt product tanker Belaia (built 2007).
The results were also impacted by an impairment of ship values with the book value of the fleet cut by $3.2m in addition to depreciation of $1.1m.
“With freight rates so depressed, there is strong pressure on asset prices in all dry bulk sectors,” Belships said.
“Buyers
