The boxship owner's deficit was $0.9m in the three months to 31 December, compared to profit of $7.9m in the corresponding period of 2013.

Its quarterly revenue rose from $36m to $36.9m, thanks to the addition of one ship.

During a 12-month period described by the company as “transformational”, GSL saw its net earnings shrink from $32.5m in 2013 to $5m last year.

Annual