Hong Kong-listed Pac Basin explains the non-cash charges will appear on its full-year 2014 balance sheet at the time of a challenging dry bulk market.

The larger of the charges, a sun of $101m, relates to losses on onerous charters on handysize and handymax vessels, many of which were signed in 2010.

A further $31m will carried against fuel price swaps the company entered at the time of signing contracts of affreightment, a statement explained.