Nordic Shipholding has started the new financial year with a larger loss compared to a year ago on the back of weaker charter rates.

The Danish product tanker owner lost $918,000 in the first three months of 2018 against a loss of just $236,000 seen 12 months earlier.

“The group started 2018 on a positive note as the average daily time charter equivalent (TCE) rate in January 2018 and February 2018 about 25% higher than the average TCE rate in the preceding quarter,” Nordic said.