India's Great Eastern Shipping has posted a steep fall in first quarter earnings as tanker and offshore rates were eroded.
The company, which also has bulkers and offshore vessels, said net profit was INR 1.03bn ($16.18m) to 30 June, down from INR 2.47bn a year ago.
Revenue fell to INR 8.57bn, versus INR 8.89bn in 2016, but costs were higher, including for fuel and wages.
