It said the net deficit to 30 June was CNY 2.28bn ($371m) against CNY 990m in the same period of 2013.

Last year’s figure includes CNY 3.2bn of profit from discontinued operations, however.

Revenue was down at CNY 29.9bn compared to CNY 30.2bn in 2013.

Containerships lost CNY 1.98bn as rates fell because of vessel over-supply.

Its bulkers posted a deficit of CNY 1.19bn