Theresults, which come exactly a year after it was restructured, compare favourablywith the third quarter when losses were $49m.
Fourthquarter revenues came in at $197.4m substantially higher than the $126.8m seenin the preceding quarter.
However,the shipowner’s operating costs increased by over 20% quarter-on-quarter to$188.2m.
Itsfleet of VLCCs, suezmaxes and OBOs achieved average daily time charterequivalent (TCE) rates of $19,300, $14,000 and $35,100 respectively.
Thiscompares
