GoodBulk has made a losing start to life as a public company with a first quarter loss of $450,000, figures released Friday show.

The company booked revenues of $1.1m from a total of just 142 ship ownership days as it prepared to ramp up ship deliveries.

The net loss for the first quarter included non-cash depreciation expense of $390,000. Daily ship operating costs came in at an average of $5,556 per day per ship.