Spyros Capralos blamed the US-listedshipowner’s poor performance on a weak freight environment and off-hire relatedto the grounding and repairs of the 180,000-dwt Star Polaris(built 2011).
Thecommentary came as the Athens-based company reported a net loss of $4.6m,versus a profit of $1.7m in the same quarter 12 months prior, as voyage revenuesfell to $21.7m from $22.7m year-on-year.
StarBulk’s stable of 14 bulkers turned in a time charter equivalent average of$14,628 per day, compared to $18,664 daily in the second quarter of 2011, whilevessel expenses rose to $6.7m
