Danish bunker and tanker group Monjasa has fallen to a loss in difficult markets last year and shrunk its fleet to adjust to the "new normal".
The company said the net deficit was $26m, from a profit of $24m in 2015.
Revenue plunged to $1.2bn from $1.6bn over the same period, as oil prices fell 19%.
It said 2016 was an extremely challenging year for the global oil and shipping industries.
