Oslo-listed Wallenius Wilhelmsen says the seismic shock delivered to the car carrier market by the coronavirus will see volumes drop 50% in the second quarter.
The company has already endured a 20% fall in the first quarter, a period in which it lost $285m, compared to a profit of $22m last year.
Revenue was cut to $834m from $1.02bn.
It started "an active dialogue with the relevant lenders at the early stages of the pandemic to ensure sufficient liquidity," it said.
"The dialogues have been constructive and will continue in order to secure sufficient flexibility under the facilities."
The owner is also reviewing planned scrubber installations.
In addition to the four cancellations already revealed, an additional five have now been called off.
"Three installations were completed this quarter, and for the remaining eight installations some deferrals will take place", it said.
The company has said it will lay off 2,500 staff temporarily, as well as scrap, redeliver and lay up ships.
"Our industry is caught in an unprecedented situation where business volumes are driven sharply down by closures and cuts in customer production due to Covid-19 measures and weakened demand," said chief executive Craig Jasienski.
"We have taken a range of actions to adjust capacity, reduce costs and protect our cash position through this turbulent phase. Combined with our strong financial situation going into this, I am confident that we will see through this crisis."
Analyst Anders Karlsen at Danske Bank said its $130m Ebitda beat consensus by 61% due to cost-cutting measures.
It has a "solid" amount of cash at $451m and undrawn facilities of $267m.
He added: "The solid beat on Q1 consensus estimates suggest that the share should trade up as cost measures have had a more swift impact that what consensus has included. The weak guidance for Q2 volumes and potential covenant issues may pull in the other direction."
