Kristian Gerhard Jebsen Skipsrederi (KGJS), one of Norway's biggest shipowners, has reported a smaller annual loss for 2020 as the tanker market continued to weigh on its results.
The revelation of more red ink for the company comes as it said it is engaged in talks with banks to restructure its debt.
The private shipowner logged a loss of $17.3m for last year, an improvement from $23m in red ink during 2019.
The loss includes the write-down of the tanker fleet by $44.5m in 2020, reflecting the market slump.
KGJS reported revenue of $244m last year, up from $241.8m in 2019.
The annual report shows that $240m of KGJS' debt is due on 30 September.
The company has paid significant instalments in the last few years and announced in its 2019 report that some $326m would come due in the autumn of this year.
KGJS chief executive Geir Mjelde did not respond to requests for comment.
At the end of 2020, the company had a fleet of 26 vessels.
So far this year, the company has sold a product tanker and a cement carrier, which led to $11.3m in value write-downs, and purchased a dry cargo vessel.
The company is primarily a tanker owner, with a fleet of 13 tankers and combination carriers, though it has sold off much of its fleet in the sector in recent years.
The last vessel sold was the 158,000-dwt tanker SKS Satilla (built 2006), which went to a Vietnamese buyer in June for $23m. The vessel is now named Palmer.
In addition to its tanker fleet, KGJS is a leading player in the cement business with a fleet of 16 vessels.
It also owns a 50% stake in bulker company Bulk Trading Group, with JP Morgan owning the other half. The outfit has a fleet of eight modern kamsarmaxes, which are likely worth around $30m each.
In October, the joint venture sold the 81,000-dwt BTG Everest and BTG Eiger (both built 2015) to Neda Maritime for $22m to $23m each in October, before the market started picking up.
