Marenave profit dips

German owner Marenave has posted reduced earnings for the first quarter of 2014.

It said net profit to 31 March was EUR 0.6m ($0.82m), down from EUR 2.02m in the same period of 2013.

Revenue dropped to EUR 13.21m from EUR 17.29m year-on-year.

It said however that products tankers reached the best rate level in the last four years, and containerships improved.

But there were significantly lower contributions from its four bulkers.

Last year it revalued the fleet, knocking more than EUR 100m off its value.

CEO Ole Daus-Petersen said that the company was still looking to add cheaper ships to rejuvenate the fleet and ensure sustainable returns.