Japanese VLCC owner Kyoei Tanker has chopped its annual earnings forecast.

The company said that in the year to 31 March it expects to make JPY 700m ($6.3m), compared to its previous estimate of JPY 1.2bn.

But this will still beat its 2016/2016 result of JPY 1.03bn.

The revenue forecast is stable at JPY 13bn, against JPY 12.5bn the year before.

But the operating profit estimate has also been cut to JPY 2.1bn