Net profit was $10.2m to 30 June, down from $11.5m in the same quarter of 2013.
Voyage revenues dropped to $20.9m, compared to $21.3m the year before due to a one-off charge of $0.9m related to time-charter amortisation.
Vessel operating expenses increased by 14.3% to $3.5m as it added crew costs for a fourth ship acquired during the quarter.
Average daily rates were $77,200 per day, down $500 per day over the year, with 100% utilisation.
This
