The Zagreb-listed company said the net deficit widened toHRK 32.9m ($5.6m) to 30 September, from HRK 10.8m in the same period a year earlier.

The fleet of bulkers and tankers brought in revenue of HRK214m against HRK 183.1m in 2011.

Costs rose to HRK 245.8m from HRK 193.6m.