Mexican shipowner Grupo TMM has posted a wider loss for the first quarter as the weak offshore market reduced revenue.

The company, which also owns tankers, an FPSO, ports and a shipyard, said the net deficit was MXN 263.3m ($13.81m), from MXN 78m in 2016.

Revenues were MXN 509.3m compared to MXN 868m over the same period.

CEO Jose Serrano said the ending of state producer Pemex's monopoly on its oil resources had lead to new customers booking its vessels, however.