I'd say yes. Or if not loose, not quite installed properly. The cup you show is normally what is called the fixed cup and on the other side is the adjustable cup. The side with the fixed cup is installed first, and done up tight, which normally means the shoulder of the cup goes flush against the frame, with no gap. The adjustable cup is then installed. This cup is tapered, so as it gets wound further into to the thread, it presses harder on the body of the bottom bracket.cheers for the input guys on this, do you think though that there the bottom bracket looks loose judging by the photos?
It looks like either your fixed cup wasn't done up tight to start with, or has worked loose.