The company blame a “difficult market environment” for the “unsatisfactory” net deficit of $165.7m last year, but it marked an improvement from $284.6m in 2013.
Revenue declined to $443.29m against $500.9m the year before.
One-off charges were $118.9m, including impairments and provisions totalling $161m.
The fourth quarter loss was $182.04m, from $19.35m in 2013, due to the charges.
CEO Jan Kastrup-Nielsen said: “Early 2014 an undercurrent of optimism for improvements of the global economy and shipping markets, in particular in dry bulk, prevailed.
“However,
