Net earnings for the period were INR 86.9m ($1.4m) compared with INR 92.5m the year prior.

Total expenditure saw an increase from INR 6bn to INR 7bn.

During the quarter, two vessels did not generate any earnings but they have now resumed contracts.

GOS said another vessel was drydocked in the Netherlands.

It owns a fleet of twelve ships and has one newbuilding in its orderbook.