Deficit for the period was $23.7m versus $18.4m a year ago.

Time charter equivalent earnings fell 10.8% year-on-year and stood at $10,014 per day.

This resulted in decreased total freight revenue of $86.7m compared to $94m in the corresponding period.

Eitzen said dialogue with its main creditors is progressing as they explore alternatives in order to strengthen the balance sheet.

As at the end of September, long-term debt was $964.7m.

The