The global reefer operator posted a poor performance in 2011 of a US$124 million net loss compared to profit of $2.4 million previous year. This was followed by a shaky start for the first quarter 2012 at a loss of $39,000.

The sector has struggled with an ageing fleet of fuel inefficient ships and lack of investment in modernising vessels which coupled with lowered demand in Europe and poor harvest in South America has destroyed any chance of a peak shipping season, cited a report from UK's Containerisation International.

The company's competitor, Green Reefers, has delisted the company following a name change to Caiano but Siem remains on the Oslo Stock Exchange and is to continue to be managed by London headquarters.

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