Total income for the period was $11.3m compared to $33.2m in the preceding quarter.

Revenue stood at $48.2m, almost $6m more than the corresponding period, while total expenses rose from $30.7m to $32.8m.

Of this, $12.1m was due to vessel operating expenses, an 11% increase.

Capital’s latest performance means income per common unit was $0.09, down from $0.35 in the prior year.

The Evangelos Marinakis-led partnership said more than $110m raised by the issuance of 17,250,000 common shares will be used to partially fund the $311.5m