The news, which was released late Friday after the close of trading, sent shares down almost 6% at the opening on Monday morning.

The Singapore-listed company said it was “assessing the impact of the recent sharp deterioration of the dry bulk shipping market.”

It added that this has “led to a reduction in freight rates and further declines in dry bulk asset values, which may impact company’s cash flows, financial position and certain covenants under loan facilities”.

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