The recent wave of eco newbuilding orders convinced new chief executive Ole Daus-Petersen that its vessels will be unable to compete for the same length of time at the same rates.
As a result the company has booked an impairment loss of EUR 110m ($151m) in the 2013 accounts.
The impairment stems from a reduction in the expected economic useful life of its vessels from 25 to 20 years and assumes lower earnings potential from the age of 15 years onwards, Marenave explains in a statement.
Daus-Petersen,
