Latvian Shipping Company (LSC) has posted a bigger loss in 2016 after it continued to write-down the value of its ships.

The Riga product tanker company said the net deficit was $25.18m, from $7.22m in 2015.

This was mainly attributable to the $24.13m fleet write-down.

The rest of the loss - $3.67m – was due to changes in the dollar-euro exchange rate.

Revenue increased to $99.71m,