Royal Arctic Line finds itself in the red for the first time since 1995 due to the economic slowdown, which has led to a strong decline in cargo volumes.

The Greenland-owned carrier, which holds a monopoly on transports from Denmark to Greenland, suffered a 2013 deficit of USD 2.6 million after a 9.1 percent decrease in total cargo volumes, a development that led to a USD 9.3 million drop in revenue, says the company in its annual report.