The Belgian tanker owner reported a quarterly loss of $22.6m, compared to $28.5m in the same period of 2013.

The company logged $22.1m in earnings before interest, taxes, depreciation and amortisation (Ebitda), below the $24.5m expected by RS Patou Markets when a $6.5m estimated vessel sale loss is included.

Revenue shrank to $95.1m from $99m, but the Antwerp-based company’s depreciation expense fell to $34.2m