Safe Bulkers has seen a more than five-fold decline in losses, but has still ended the first quarter of 2017 in the red.

The US-listed bulker owner lost just $3.2m between January and March against losses of $17.7m in the corresponding period last year.

The Greek shipowner was buoyed by a near 35% year-on-year increase in revenue to $33.3m, while costs only saw modest gains.