The Genco Shipping & Trading-backed bulker owner recorded a net loss of $5.67m during the second quarter, up from $4.63m a year earlier.

But earnings before interest, taxes, depreciation and amortisation (Ebitda) jumped to $1m, from just $91,000 in the second quarter of 2013.

The New York-based owner reported a 68% jump in revenue, which reached $10.7m during the quarter compared to $6.4m