The Teekay Corp unit said its deficit to 31 December was $7.8m on an adjusted basis, against $1.2m in 2011, as ships moved from fixed rates to lower spot rates on expiry of charters.
Revenue fell to $45.49m from $48.33m over the same period.
The adjusted figure excludes a massive vessel impairment charge of $356.56m due to falling ship values and the poor tanker market.
The
