The 2012 loss was AED 129.18m from revenue of AED 201m,while 2013 revenue fell to AED 137m.
Goodwill impairments and other provisions for the disposalof two VLCCs and legal claims totalled AED 401m, while it wrote down AED 263mon the value of ships classed as held for sale.
The company said it is in breach of loan repayment conditions and issued another warning of its ability to continue as a going concern.
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