The Indian owner suffered a loss of $22.8m for the year to31 March compared to a deficit of $76.8m a year earlier.
At the same time revenue dropped by almost a third to $75.3mdue to lower charter rates and a its reduced fleet.
Mercator cited lower than expected demand in the Atlanticbasin coupled with a slowdown in Chinese imports in the final leg of 2014 forthe drop in freight rates.
