The supramax and panamax operator saw net income slip to$1.08m versus the $1.3m achieved in the first three months of 2013.

Revenue slide by just over 10% to $6.2m, as the daily timecharter equivalent (TCE) rate earned by its ships declined 12% to $9,248.

Average daily operating expenses during the three monthperiods ended 31 March 2014 and 2013 were $4,115 per day and $3,870 per dayrespectively.

“With