Greek shipping line Omega Navigation said its profits have plunged 98% in the third quarter due to the economic downturn.

For the quarter ended 30 September, the company reported total revenues of $14.3m and net income of $1.9m, or $0.12 per basic share, excluding losses on interest rate derivative instruments and incentive compensation grants expense.

The company reported a net income of $0.1m or $0.01 per basic share.

For the nine months Omega reported total revenues of $49.7m and net income of $11.6m, or $0.74 per basic share.

Omega Navigation chief financial officer Gregory McGrath said as of 30 September, the company had a ratio of net debt to net capitalisation of about 64%.