Hong Kong-listed CSCL booked a loss of CNY 2.63bn ($423.5m) last year compared to a CNY 552.7m profit in 2012.

Rahul Kapoor, an analyst at Drewry Maritime Equity Research, says the line will post a loss in 2014 and will not return to the black in 2015 unless it nets gains on asset disposals.

CSCL’s deficit will start to reduce later this year as more efficient newbuildings start to be delivered, the analyst said as he downgraded the company to neutral.