The shipbuilder earned $0.3m for the three-month period ended March, compared to $17.8m in 2014.

Operating revenue stood at $70.1m, down from $77.4m in the corresponding period.

AKPS was building four products tankers for its joint venture with Crowley at the end of March.

It had an order backlog of $939m - enough to keep the yard busy through 2018.

Besides building products tankers, AKPS said it is always looking at other sectors of the shipbuilding industry.

It