The bulker owner said the net deficit last year was LTL 21.88m ($7.09m) from LTL 41.04m in 2013.
Revenue dropped to LTL 70m from LTL 92.3m, but costs fell more quickly, to LTL 77m from LTL 103m.
At the end of the year, LSC had seven vessels, down three from 2013.
It is planning to sell two more inefficient smaller ships by 2018 and will focus on mini-handysizes.
