The company said the net deficit was INR1.2bn ($20.28m), from INR 477m in the same period a year ago.

It lost its operating licence in India in March overdelayed drydockings and wage arrears, but later gained interim permits while itreorganised the fleet.

In the last three months of its rejigged18-month reporting period, it posted negative freight hire and charter incomeof INR 251.8m,