Norwegian tanker giant Frontline has fallen to a loss in the first quarter as fleet growth hit its markets.
The John Fredriksen-controlled company said the net deficit to 31 March was $13.55m, from a profit of $27.08m a year ago.
This was lower than the average $25m loss estimate by analysts.
Revenue from the 63 ships fell to $169.62m, against $177.12m
