The company said the net deficit was $102m to 31 December, from a profit of $9m in the same period of 2012.

Revenue was weaker at $284m, compared to $296m, as shipping volumes declined.

The impairment of $76m from Odfjell Terminals Rotterdam (OTR) was due to expected reduced available capacity and throughput level at the terminal in the coming years.

Regarding shipping, Odfjell said: "Activities slowed somewhat during the fourth quarter, and combined with significant delays, scheduling constraints and ensuing cancellations, the result for the quarter trailed the previous quarter."

Tanker