Sweden's Stena AB has arranged a new revolving credit facility as its profit for the third quarter fell.

The new finance is worth $725m over five years, on similar terms to its previous loans, it said.

The tankers to ferries group announced net earnings in the quarter of SEK 45m ($4.95m), against SEK 180m in 2017.

Revenue grew from SEK 8.08bn to SEK 8.47bn, but operating costs and financial expenses rose more quickly.

Stena Line saw car volumes rise 3%, while freight increased by the same amount, and passenger numbers by 2%.

Ferry operating profit rose from SEK 989m to SEK 1bn.

The shipping division's profit was boosted by more operational days for the LNG vessels, with higher rates.

There was lower charter income as a result of vessels sold in 2017, while suezmaxes started to see signs of recovery.

Tanker deficit reduced

Tankers cut their loss to SEK 77m, against SEK 110m the year before.

Offshore drilling's loss grew to SEK 1bn from SEK 738m.

There were fewer operating days on contract, but lower charter rates were offset by a positive effect from an ongoing cost-cutting programme.

The group said Stena RoRo has secured an option on the construction of a further three E-Flexer vessels to be built at Avic Weihai Shipyard in China.

The company has eight ships being built there already, but it had previously said there were four optional units.

Available liquidity amounted to SEK 20bn, up from SEK 16.9bn a year ago.