It saw its share price drop as much as 12% on Thursday after one analyst described its underperformance as staggering.

But Nick Gleeson, chief executive of the Oslo-listed shipowner, has come out in defence of the company’s chartering strategy.

“We certainly anticipate that 2015 continues to deliver strong value, particularly on spot charters, but we remain cognizant of the fact that the recent high rates won’t last forever,” he said.

“In