The New York-listed owner said fourth quarter net deficit was $72m, compared to $3.6m in the same period of 2013.

The annual loss grew to $116.6m from $6.3m. It had minimal operations from its formation on 20 March last year to 31 December.

The company booked a charge of $55.5m on seven contracts for newbuildings now classed as held for sale: a kamsarmax and six LR2s.

Revenue