The Frontline-owned company said the netdeficit to 31 March was $18.47m, compared to $1.78m in 2013.

The five VLCCs and three suezmaxes broughtin revenue of $18.95m, from $15.03m the year before, but it booked a loss of $15.7mon the sale of the 309,995-dwt Ulysses (built1999).

Three VLCCs earned $26,100 per day in thespot market, compared with $13,100 in the preceding quarter. The bareboat rate wasunchanged at $20,000 per day

But cash breakeven for the rest of 2014 is $32,600per day for the three spot-trading VLCCs and $21,300 per day for the two VLCCson bareboat charters.

All