The Riga-based products tanker owner said its deficit was $8.32m to 30 June, down from $26.6m in the same six months last year.

Revenue was down at $47.35m from $52.41m as it streamlined the fleet to 16 modern tankers worth $385m.

The Vitol-controlled company said it made vessel impairments of $22.7m as it reassessed the useful life of the ships, reducing this from 20 years to 15 years due to charterers’ tightening of requirements relating to vessel age.

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