Its loss stood at JPY 287m ($2.4m) against a profit of JPY 23m in 2013.

The Japanese shipowner had earlier guided for a full year deficit of JPY 265m.

Revenue for 2014 went down a fraction from JPY 12.2bn in 2013 to JPY 12bn last year.

Despite the negative result in 2014, Sado expects net income of JPY 371m for 2015.

Data from Clarksons shows Sado as the owner of eight ferries including one newbuilding due for delivery in 2015.