TheGeorge Karageorgiou-led bulker posted a loss of $800,000, or 9 US cents pershare, against a profit of $1.2m, or 12 US cents per share, a year ago.

Revenueswere $7.4m, a year-on-year decline of 20%, while voyage expenses eased by 11%to $800,000, the shipowner said.

Globushad an average of seven ships during the quarter earning a daily time charterequivalent (TCE) of $9,868, 34% down on the $14,912 of a year earlier.

TheUS-listed operator of handymax, panamax and kamsarmax bulkers opted not to paya dividend for the quarter.

“Thethird quarter was yet another challenging period for our company as our resultswere negatively affected by weak freight rates,” said George Karageorgiou.

“Duringthe quarter we employed three of our vessels on short-term charters at theprevailing charter rates, which, at times, were below breakeven levels.”

Karageorgiou said this resultedin a 20% decrease in revenues and a 33% decrease in EBITDA versus the sameperiod 2011.

“Bymaintaining an opportunistic time charter approach combined with acost-effective operating platform, we expect to benefit from a marketturnaround.”

Duringthe quarter the 72,928-dwt Tiara Globe (built 1998) began a three to six monthcharter to Noor Shipping Services at $9,000 per day gross.

The56,867-dwt Star Globe (built 2010) secured a four to six month charter fromDaebo International Shipping due to start in December at $8,000 per day gross.

Elsewherein the fleet the 56,855-dwt Sky Globe (built 2009) is fixed to South Korea’sHyundai Merchant Marine until next August at $12,500 per day.

The58,790-dwt Sun Globe (built 2007) is fixed to Chinese shipowner Cosco Qingdaountil January 2015 at $16,000 per day.

The79,387-dwt Jin Star (built 2010) is also fixed until January 2015 but to Far Eastern Silo & Shipping on a bareboat charter at$14,250 per day.

The 74,432-dwt Moon Globe (built2005) is employed by Gleamray Maritimeuntil next June on a time charter at $18,000 per day net.

Globus has won shiptrading spot – the 53,627-dwt River Globe (built 2007).

“Lookingahead, we maintain contracted coverage of 83% of our fleet for the remainder of2012, and 48% in 2013.”

Karageorgiousays thestrategyis to continue with short term time charters until a meaningful recovery incharter rates materializes.

“Aswe are about to enter into 2013, we expect the dry bulk shipping market toremain challenging,” he told investors.

“Spotand time charter rates continue to hover at historic lows due to supply anddemand pressures.”

“Consequently,asset values have dropped steeply in the last year creating attractive fleetexpansion opportunities."