The bulker owner booked a deficit of $12.7m for last year, sinking deeper into the red following loss of  $3.96m in 2013.

Annual revenue fell by 8% to $1.2bn while operating costs were cut from $1.3bn to $1.2bn in 2013.

During last year, the Hong Kong-listed owner completed a series of acquisitions of Sinotrans Group’s subsidiaries.

As of 31 December, Sinotrans owned 62 vessels and oversaw a total fleet of 126 ships, including bulkers and boxships.