Its deficit stood at $6.3m versus $5.4m in the corresponding period in 2013.

The Singapore-listed company blamed a fall in spot rates and unscheduled vessel repairs for its bottom line red ink.

Revenue declined by 33% to $14.3m.

Mercator saw operating costs dropped by 33% to $10.2m, while its time charter equivalent earnings were around $10,730 per day.

Shalabh Mittal, Mercator’s chief executive, said: “The company continued to outperform the Baltic Panamax Time Charter rates.

"We