But the Norwegian firm remains solidly in black figures and with a book equity in excess of NOK 5bn ($806m) at the end of 2013.

Knudsen’s ships are owned by subsidiary Spar Shipping, which has a fleet of 23 bulkers trading — 18 supramaxes, four handymaxes and a panamax — with six 64,000-dwt newbuildings on order at Jiangsu Hantong Ship Heavy Industry Co in China for delivery in 2015 and 2016.