Concordia Maritime has reported a negative result in the first quarter, during which the company says it “outperformed the market”.
The tanker owner swung to an SEK 41.2m ($4.7m) net deficit, against earnings of SEK 33.4m in the same stretch of 2016.
Its revenue slipped from SEK 263.6m to SEK 224.9m due to an anticipated weak first quarter.
Concordia explained high inventory levels and reductions in OPEC production contributed to low rates.
