Norwegian owner DSD made a NOK 354m ($40.8m) write-down of the book value of its tanker fleet in its annual results, which were also heavily affected by Covid-19.
The write-down was a result of lower values in the tanker market.
It led to a pre-tax loss of NOK 353m in 2020, compared with a NOK 1bn profit a year earlier, which had been boosted by the sale of ferry operator Norled, leading to the company's biggest profit ever.
