Indian shipyard Reliance Defence & Offshore Engineering has managed to reduce its third quarter loss as revenue rose.
The company said the net deficit to 31 December was INR 1.32bn ($19.7m), against INR 2.93bn a year ago.
Revenue jumped 138% to INR 1.2bn, while expenses dropped to INR 1.69bn from INR 2.32bn in 2015.
Clarksons lists the yard as having a 74,500-dwt bulker scheduled for delivery in the first quarter of this year to the Fredriksen group.
