Nordic Shipholding has made a weak start to 2017 with a first quarter loss of $236,000, figures released Tuesday show.
Revenue shrink almost 21% year-on-year to $6.77m as the average daily time charter equivalent (TCE) rate earned by the bulk of its vessels was marginally lower than the forecasted daily rate.
“Lower tanker TCE revenue from the vessels deployed in the two pools coupled with higher operating expenses contributed to the reduction in profit of $1.7m,”
