The New York-listed bulker ownerreported net income of $11.2m for the three months to 31 March, versus a gainof $16.2m in the comparable period a year prior.
Excluding one-off items the resultamounted to a profit of $8.6m or $0.10 in adjusted earnings per share, which isa penny below analysts’ consensus estimate.
Earnings before interest, taxes,depreciation and amortization (Ebitda) fell 14% year-on-year to $23.7m.
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