Rederij Vroon, one of the largest Dutch shipping companies which operates 174 ocean-going vessels worldwide, is heavily in debt after booking a 2016 net loss of €174.9m on turnover of €484.4m.

The 100-year-old family-owned company now based in Breda said in is annual report that it could no longer guarantee its survival, the Financieele Dagblad reported on Thursday.

Vroon later issued a press release stating its problems were largely in the offshore sector which has been suffering industry-wide malaise.

‘Vroon has a substantial presence in the offshore support-vessel market, through its subsidiary Vroon Offshore Services. This business has been heavily impacted by a reduction in demand, resulting from the severe downturn in the oil and gas markets. Vroon’s other businesses are all performing in line with expectations, the company said in the statement.

Nevertheless, the company said, it is on course despite the turbulent markets. ‘The board has taken, and will continue to take, measures to support the company’s financial condition,’ the statement said.

‘Vroon expects this, in combination with ongoing revenue enhancement actions and cost-saving programmes, to see the company through the current market downturn.’