The Nasdaq-listed company said net income was $4.2m to 30 September, compared to $6.6m in the same period of 2012.
Revenue was down $0.7m year-on-year at $29.7m.
It blamed seasonal softness in the spot market, which coincided with the "expiration of charters for older vessels."
Interest and finance costs dropped to $1.9m from $2.5m as interest rates and loan balances fell.
CEO Harry Vafias said: "Although we found new charters for some of the vessels that had come off their charters we were left with five of our older vessels operating in a seasonally weak summer spot market, thus reducing our overall utilisation.
"With
