Ultrapetrol has seen a further deterioration in its financial performance with a loss of $17m in the first quarter against the $5m loss a year ago.

The offshore vessel and tanker owner saw revenue slide 21% year-on-year to $67.1m, with a 30% decline in revenue at its offshore business.

Total voyage expenses were down 18% year-on-year to $19.1m, while total running costs were down by one-third to $22.9m.

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