The shipowner said its net deficit was EUR 10.8m ($14.7m), down from EUR 14.7m in the same period of 2012.

It has chopped itineraries, reduced fuel consumption and pulled vessels off inefficient routes.

Revenue fell to EUR 144.5m against EUR 160.9m as services were scaled back, while operating costs were reduced to EUR 120.5m, compared to EUR 138.7m the year before.

The company recorded a pre-tax and interest profit of EUR 10.4m,