It also saw revenues for the same period almost cut in half to $6.9m as bulker rates collapsed.
Baltic said its fleet earned an average daily time charter equivalent (TCE) of $4,941 per day versus the $11,229 seen a year ago.
Daily vessel operating expenses decreased to $4,883 per vessel per day against the $5,599 seen in the first quarter of 2014 primarily due to lower maintenance related expenses.
“During
