Croatian MR owner Tankerska Next Generation (TNG) has seen earnings slump in the second quarter as expenses increased.
Net profit was $365,000, down from $1.39m in the same period of 2016.
Revenue rose to $9.81m against $8.87m, but voyage costs were also higher as the fleet expanded.
It said a combination of spot and time charter employment had mitigated the volatility of rates.
