It logged a net loss of $285m last year, compared to a profit of $1.52m in 2013.
The Hong Kong-listed owner said its 218 ships brought in stable revenue of $1.72bn, from $1.71bn the year before.
But costs rose to $1.176bn against $1.65bn, and vessel impairments and provisions knocked $161m off the bottom line.
It endured very low rates during the year, it added, but daily earnings for handymaxes outperformed rivals and EBITDA was $82m.
Chairman
