Team Tankers International has slumped to a fourth quarter loss of $8.9m as the company was hit by the 25% year-on-year decline in freight rates.
Twelve months ago the Hans Feringa-led shipowner posted a profit of $4.9m for the last quarter of the 2015 financial year.
Freight revenue for the 2016 fourth quarter was down 23% year-on-year to $60.2m, while voyage expenses were down 10.3%
