The Singapore-based LPG carrier operator saw revenue increase 53% year-on-year to $33.3m thanks to a larger fleet.

However, it was impacted by an impairment charge on the value of its fleet of $11.5m and higher operating costs related to its larger fleet.

“Weak cargo markets, geopolitical turmoil, substantial deliveries and dramatic falls in commodity prices all played a part in pushing daily rates down to 10 year lows,” Epic said.

“The