Chembulk Tankers' finished 2018 in the red, more than doubling its loss from 2017.

According to the Connecticut-based shipowner's annual report, filed in Norway, the company lost $67.9m last year, with a slight decline in revenue and a jump in voyage expense.

In 2017, the company posted a $31m loss.

"Chemical Tanker market fundamentals deteriorated during 2018 as competition from the adjacent product tanker sector and market uncertainty caused by US-China trade tensions drove down freight rates, coinciding with a period of increasing bunker costs," the company said.