It said the deficit to 31 March was CAD 22.99m ($19.01m), compared to CAD 21.86m in the same three months of 2014.
Revenue edged down to CAD 51.62m from CAD 51.73m, although the domestic bulker fleet contributed more year-on-year.
This was offset by lower revenue from its products tankers and the international bulkers, however.
The latter was affected by a drydocking in the quarter.
