Excluding debt restructuring costs, it said the net deficit to 30 September was $20m, an improvement of $56m from the same period in 2013.

Average freight rates per teu were $1,281, an increase of $79. It also said the result was boosted by continued "streamlining activities" and a fall in bunker prices.

If debt restructuring costs are added in, the loss becomes $63m, compared to $42m in 2013.

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