Expanding Turkey-based Atlantis Tankers has reported a drop in earnings for 2016 as chemical tanker rates have softened.
The owner's four 3,500-dwt and four 6,000-dwt ships made $4.3m on a net basis last year, down from $6.9m in 2015.
Revenue fell 8.5% to $30.1m, with no significant change in operating expenses logged.
Chief executive and owner Lorenz Weinstabl said: "The results were not in line with the expectations we had for 2016 and it was hard to explain what had caused the markets to soften again after 2015, which was a year that had achieved a level we would need in consistency.
