Star Bulk Carriers has released its unaudited financial and operating results for the first quarter 2016 – the worst it has seen in three decades.
“The first quarter of 2016 was the worst of the last 30 years, as freight rates remained below operating costs and vessel values reached new lows across all dry bulk vessel classes,” Petros Pappas, Chief Executive Officer of Star Bulk, said.
The company has entered into negotiations with its banks in the past months to, “defer principal payments and waive or substantially relax financial covenants, so as to preserve liquidity well into 2019,” according to a company statement.
For the first quarter of 2016, which ended March 31, Star Bulk’s operating loss was US$34.9 million compared to operating loss of $33.9 million for the first quarter of 2015.
Net loss for the first quarter of 2016, was US$48.8 million compared to US$40.2 million the previous year.