The company, which is to list on the Nasdaq and raise up to $100m, said net earnings were $527,000, down from $3.42m in the same period of 2013.

Its 10 suezmaxes and aframaxes generated revenue of $117.86m, up from $88m the year before.

Voyage operating expenses rose to $62.57m from $53.28m, while it gained $24.79m from derivatives in 2013, compared to a loss of $0.83m