Adjusted net earnings in the three months to 30 September were $15.3m, including impairments and assets gains, against $12.8m a year ago.

The 158 vessels brought in revenue of $336.2m, up from $314m over the same period.

In the first nine months, it made $28.8m, compared to $71m in 2012, while revenue was down 7.8% at $964.6m.

It said tanker rates continued to be at historically low levels, with "no positive dynamic" throughout 2013.

CEO