BP Shipping has revealed red ink for 2020 as tanker markets struggled in the second half.

According to accounts filed at Companies House in the UK, the net loss was $90.16m last year, down from a deficit of $159.6m in 2019.

The shipping and ship management arm of the UK oil major said that, together with the loss brought forward from 1 January 2020, the accumulated loss at year-end stood at $1.21bn.