'It is a sign of how desperate the sector is,' says analyst.

Also finalises agreement with one of its lender to waive certain financial covenants and amend terms of its loan facilities.

Reports a 76% decline in net profit on lower spot rates, increasing operating expenses.

The New York-listed tanker firm could emerge out of bankruptcy as early as April.

Moody's says shipping lines' cash flow will remain weak.

Fujimura Koji joined the company this week.