Danish tanker owner Torm has seen earnings dwindle in the first three months of 2018 in a "muted" market.
Net profit to 31 March was $0.7m, down from $4.6m in 2017.
Revenue dipped to $163.1m from $172.8m, as time charter equivalent earnings fell to $14,225 per day, down from $15,264.
“We remained profitable in the first quarter of 2018 despite a muted freight rate environment," said executive director Jacob Meldgaard.
