Deficit for the period was $4.5m including a $2.8m derivatives loss.
The loss stood at $3.2m during the first quarter of last year.
Revenue also went down to $68m against $72.7m in the corresponding period.
Niels Johnsen, chairman for ISH, said: “Despite difficult market conditions in our dry bulk segment, we continue to benefit from our strategic flexibility across niche markets, our strong relationships with high-quality counterparties, and our focus on medium to long-term contracts.
“Adapting
