Hong Kong-listed Pac Basin shouldered a charge of $63.9m on the division it had previously been looking to sell.
Further losses on low-paying handymax positioning voyages also took their toll, while its handysize fleet out performed the market by 23% during the period.
Pac Basin, which had recorded a profit of $300,000 at the same stage in 2013, says the dry cargo market will improve in the fourth quarter of 2014 from a low base.
