Hard-pressed Frontline, the tanker ship company, says unless it can achieve a major restructuring it could go under.
Its latest management report makes grim reading.
Net losses accelerated in the third quarter to $44.7m, contributing to net losses for the year-to-date of $64.5m.
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Frontline has also had to take impairment losses of $121.4m on its tanker fleet.
Unsurprisingly, the directors have chosen not to recommend a dividend for the three months to the end of September.
The one piece of good news is that Frontline's major shareholder, Hemen Holding, has said it would be prepared to inject more capital.
The outlook, though, is not comforting, with the directors describing it in these terms:
"The tanker market has shown a strong negative development in the last two years. Rates are currently at operating cost levels with no contribution to capital, and vessel values have fallen approximately 25-50 percent ... during the last year. If the weak market continues it is likely to lead to significant financial problems for the whole tanker industry."
Shares in Frontline had sunk 40% by 12.15pm. In the last year the share price has fallen 86%.
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