It booked a gain of $2.8m for the period, a 31% decline.

Revenue stood at $11.7m, down from $12.2m in the corresponding period.

The Singapore-listed owner blamed off-hire days relating to the switchover of several vessels to a new project.

In October, Atlantic Navigation took delivery of its fifteenth vessel, a 6,400-bhp anchor handler, and it announced the mobilisation of eight vessels under contracts that could bring the company around $8m.

Wong