Swedish shipowner Stena AB has posted weaker earnings in the first half as tanker markets disappointed.
Net profit to 30 June was SEK 399m ($50m) against SEK 946m in 2016.
Revenue grew to SEK 9.55bn from SEK 8.48bn, while costs increased to SEK 6.3bn from SEK 4.85bn.
Ro-ro operating earnings rose to SEK 57m from SEK 22m, while the loss from tankers was SEK 98m, from SEK 20m a year ago.
Overall shipping EBITDA decreased compared to last year mainly due to weaker crude oil/suezmax segments in particular, it said.
The group added its liquidity position remained strong as of 30 June. It has SEK 17.6bn ($2.2bn) available to it.
Stena repaid its EUR 300m bond at maturity in February.
Over the six-month period, tankers generated EBITDA of SEK 95m, versus SEK 251m a year ago, due to lower rates in the crude and product tanker segments.
This was offset partly by more operational days for the LNG vessels.
Ro-ro EBITDA from chartering out vessels decreased by SEK 217m to SEK 223m in the same period, after it sold a ship.
