The George Karageorgiou-led said net income was just $200,000 against the $1.2m seen twelve months earlier.
Net revenue was down 21.5% to $5.4m as the average time charter equivalent (TCE) rate declined by over 26% to $7,524 per day.
However, the US-listed Greek shipowner was able to improve its average daily vessel operating costs by just over 10% to $4,277 per ship.
“Our
