Tanker Investments Ltd (TIL) has confirmed that it has placed another of its ships on period charter as fourth quarter profit fell over 90%.

The William Hung-led shipowner said net income was just $2.7m against the $28.4m seen 12 months earlier.

Revenues fell 54% to $32.4m as its spot chartered suezmax and aframax tankers saw daily time charter equivalent (TCE) rates fall 43% and 49% to $23,109 and $16,309 respectively.

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