It said the year had been “difficult” and “unsatisfactory” as it posted a net deficit of of $284.6m, compared to $349.7m in 2012.

Revenue was down at $502.48m, compared to $574.39m the year before, with one-off items costing it $185m.

It said Lauritzen Bulkers was again hit by a “sizeable” counter-party default in the capesize sector.

Stripping out the one-off items, JL’s loss was $99.6m,