Norway's IM Skaugen (IMSK) has blamed increasing ship supply for a loss in the third quarter.
The gas carrier owner posted a deficit of $6.7m, from a profit of $4.3m in the same period of 2015.
Revenue dropped to $15.97m from $17.17m, while the previous year was boosted by a $12m gain on investments in joint venture and associate companies.
"The operational performance from vessel trading for IMSK has improved year to date as underlying time charter equivalent earnings of the Norgas Carriers fleet has increased with 16.1%,"
