The Oslo-listed company’s four suezmaxesand one aframax logged a deficit of $0.18m from 10 January to 31 March.
Revenue was $2.53m, while operatingearnings were $0.27m.
The fleet will expand to 13 ships as newdeliveries arrive this year.
This includes two VLCCs from parent TeekayTankers and two aframaxes, thought to be from Diamond S.
CEO William Hung said: “As we proceed into the northern hemisphere summermonths, which is generally considered to be a seasonally weaker period for spottanker freight rates, we expect to continue growing our fleet, allowing TankerInvestments to take advantage of current vessel prices which remain belowlong-term average values.”
