Nordic American Tankers slipped into the red in the first quarter but its bottom line was better than analysts had anticipated.

New York-listed Nordic, which last week warned of a breach of loan covenants, logged a loss of $3.43m in the opening three months of 2017.

The result compared with a gain of $29.30m at the same stage in 2016.

Adjusted for one-off items, earnings per share of $0.02 beat the $0.25 per share loss consensus among analysts.