A difficult freight market and high bunker costs is continuing to squeeze niche shipowner TBS International.
A third quarter net loss of $21.2m or $0.70 a share is double the deficit incurred through the same period of last year.
Nasdaq listed TBS already in breach of financial covenants appears to be having difficulty restructuring its debts and selling vessels to strengthen its finances with the company warning that lenders are not prepared to accept the company shares have any value.
