New York-quotedBaltic reported a loss of $3.5m for the three months to 31 March, against adeficit of $5.1m in the first-quarter of last year.
The company saidearnings before interest, taxes, depreciation and amortization (Ebitda) stood at $3.1m, versus negative $0.4m in the first leg of 2013.
Revenue rose to$13.1m from $6.0m year-on-year thanks to a larger fleet and increase in timecharter equivalent rates, which grew to $11,229 per day from $6,685 on average butwere still lower than it had hoped.
“During
