Impairment costs drove down Alterna Infrastructure’s second-quarter results as it sold a handful of ships.

The Aberdeen-based shuttle tanker owner reported a $40m loss for the three months ending 30 June, deeper than the $28.5m loss reported for the same period last year.

The New York-listed company said the red ink was due to a $38m impairment charge and the 95,418-gt Petrojarl Knarr (built 2014) coming off contract in May, though that drop was partially offset by the 31,007-gt Petrojarl I (built 1986) earning higher oil price tariff revenues.

Overall, revenue jumped to $296m from $266m from the second quarter of 2021 to the second quarter of 2022.

The company said it sold two shuttle tankers. The 152,200-dwt Navion Gothenburg (built 2006) went for $25m and the 93,000-dwt Petronordic (built 2002) sold for $7m.

It also sold the 70,434-gt floating storage and offloading unit Falcon Spirit (built 1986) for $10m and two towage vessels for a combined $14m.

Altera saw Ebitda for each of its five business segments rise, with its floating production, storage and offloading units earning $53.4m, up from $45.4m compared to the same period of 2021. Its fleet of shuttle tankers saw Ebitda jump to $69.4m in the second quarter, from $57.7m a year earlier.

Its floating storage and offtake segment earned $10.6m in the second quarter of 2022, up from $9.6m in the second quarter of 2021.

Altera’s towage segment earned Ebitda of $3.6m for the period. Its units for safety and maintenance business was the only segment to post a decline in Ebitda, falling from a $1.6m loss to a $3.9m loss.