Belships, the Norwegian owner, has suffered a near 17% drop in its share price after it issued its third quarter result showing a $10m loss.
The loss - after a first-half pretax profit of $416,000 - arose from Belships' decision to write down its 60% stake in Gibson Gas Tankers.
The $9.6m writedown wiped out any profits Belships was reaping from the rise in freight rates for products tankers and bulk carriers.
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