The dry cargoship player said its net loss to 31 March was LTL 1.47m ($586,000), from LTL 5.2m in the same three months of 2013.
Revenue dropped to LTL 20.65m from LVL 25.64m as the fleet shrank.
Costs were also lower, at LTL 20.81m, compared to LTL 26.94m.
Asset disposals added LTL 5m to non-operating income.
In January it sold off the 7,365-dwt Alka
