The John Fredriksen-controlled company said the net deficit to 31 December was $135.06m, down from a profit of $18.19m in the same three months of 2013.

Revenue fell to $53m from $71m, while expenses were $235.4m, including the impairment charge.

It gained $51.5m through the reversal of lease obligations, however.

Stripping out one-off items, it said net operating income was at the same level in the fourth quarter as in the third quarter.

The