For the six months ended 30 June, the company’s profit was $454,000 compared to $2.3m in the corresponding period.

Revenue went up from $27.7m in 2013 to $31.7m and so did operating expenses, which climbed to $3.1m, a 26% increase.

The tanker and LNG carrier owner revealed plans to sell three of its tugs with a total value of $3.76m.

Disposal of these assets is expected to be completed by 31 January 2015.

HIT