The Riga-based company said the net deficit for 2013 was $18.12m, down from $34.6m the previous year.

It blamed vessel impairments of $22.92m for the loss.

But the fourth quarter showed net earnings of $6.5m, its second consecutive quarterly profit, due to sales gains and cost decreases.

Annual pre-tax earnings reached $47.33m, up $6.35m from 2012.

This was in line with expectations, it said, and "current market indicators suggest that the petroleum product tanker sector will continue to perform satisfactorily."

Revenue