Angeliki-Frangou-led Navios Acquisition shouldered a $10.7m charge on the sale of the 306,500-dwt Shinyo Spendor (built 1993) on its way to a $12.82m red number in the quarter.

Adjusted for one-off items, the tanker owner reported a profit of $1.50m for the three months to the end of March, up from the $735,000 of a year ago.

Its adjusted earnings per share of $0.01