The US-listed shipowner booked net income of $3.1m for the last three months of 2014 versus the $4.3m seen a year ago.
Revenue at the dry cargo operator was down 27.5% to $5.4m, while operating costs rose 66% to just over $1m.
Full-year results were down 43.4% to $3.2m, while revenue for the twelve month period was down 10.4% to $26.3m.
“To the surprise of many in the industry, the typically strong fourth quarter underperformed expectations, and, as a result, it affected our financial performance,” said chief executive George Karageorgiou.
“With
