Latvian Shipping Company (LSC) has logged a higher profit in the first quarter as it renegotiates debt.
The products tanker company said net earnings were $4.11m, against $2.98m in the same period of 2015.
Revenue grew to $25.16m from $21.98m in stronger markets.
Vitol-controlled LSC has 16 of its own tankers, plus another seven under management.
Talks are currently being held with banks regarding refinancing of its existing loans.
The company is also selling off properties and completed the disposal of the Lejastiezumi conference venue last month.
"At the same time, liquidation and restructuring of LSC Group companies in Latvian and foreign jurisdictions are ongoing," it added.
