Its deficit for the year was THB 82.3m ($2.5m) compared to earnings of THB 536.7m in 2013.

Revenue was slightly down to THB 4.66bn from THB 4.83bn.

Expenses rose by almost THB 500m to THB 4.25bn, with daily operating cost per vessel standing at $4,695.

The Thai owner said its expanded fleet was to blame for the 2014 red ink.

It also revealed the sale of the 16,922-dwt cement carrier Fujisan Maru (built 1976) for $2.3m