Per Saevik-backed Fjord1 has seen earnings eroded by a higher tax bill in the first quarter.
The net profit to 31 March was NOK 106.68m ($13.19m), from NOK 132.4m in 2017.
Its 68 ships amassed revenue of NOK 711.17m, against NOK 628.37m the year before, while costs rose to NOK 499.5m, versus NOK 436.18m.
But taxes knocked NOK 31.86m off the bottom line.
