John Dragnis-led Goldenport lost $1.85m in the opening three months of 2014, an improvement on the $2.43m shed a year ago.
It came as a reduced fleet contributed to lower revenue of $12.42m this time around.
Dragnis said: “Dry bulk asset prices remained broadly stable quarter-on-quarter, notwithstanding a correction in rates. That said, supramax rates have been higher than capesize and panamax rates in absolute terms for several weeks, reflecting their versatility and reduced earnings volatility.
