In a note attached to the New York-listed shipowner’s annual report to securities regulators, auditor Ernst & Young said a working capital deficit of $394m in 2014 and continued breaches of debt requirements “raise substantial doubt about the company’s ability to continue as a going concern”.

George Economou-led DryShips said in the report that it is in breach of financial covenants on nearly $260m in shipping segment debt, which marks a significant reduction from $450m of such debt in 2013.

But