Norway's Havila Shipping has taken an impairment hit on ship values as offshore markets remained weak in the final three months of 2020.
The Oslo-listed Saevik family company said: "Despite an increase in oil prices, there is still low demand for vessels."
The market situation led to a further impairment charge of NOK 262m ($30.7m) in the fourth quarter, after no such charges a year earlier.
The book value of the fleet stood at NOK 1.9bn at year-end, following total impairment charges of NOK 783m across the whole of 2020.
Havila restructured its debt in the summer, giving it a financial runway through to 2024.
The net loss in the fourth quarter was NOK 73m, up from a loss of NOK 71m in 2019.
The full-year loss came in at NOK 1.17bn, against a deficit of NOK 320.6m the year before.
Total operating revenue was NOK 107.1m in the last three months, down from NOK 195.8m in the same period a year ago.
The fleet consists of 23 owned and managed ships.
Seven ships stacked
At the end of the year, three anchor-handling tug supply vessels and four platform supply vessels were laid up.
Fleet utilisation excluding these ships was 81% in the quarter. Total long-term debt was NOK 1.8bn on 31 December.
In January, the Norwegian shipowner clinched compensation for the early loss of a cable-layer charter after counterparty DeepOcean filed for court protection for its UK businesses.
The settlement was final and involved an unspecified cash payment and the acquisition by Havila of equipment on the 127-loa Havila Phoenix (built 2009). The kit includes remotely operated vehicles previously owned by DeepOcean.
Havila tore up the contract for the ship in December.
