The company said the net deficit was KRW 423.3bn ($386m), up 38% from a loss of KRW 680.2bn in 2013.

Revenue dropped to KRW 8.7 trillion ($8.2bn), down 10.3%, while it also took an unspecified hit from a fleet valuation.

Container volumes fell to 1.15m teu from 1.19m teu, as it blamed the "disposition of inefficient vessels."

But it recorded an operating profit of KRW 143.5m