The Oslo and Hong Kong-listed bulker owner - Jinhui Shipping and Transportation - saw net income of $608,000 versus the $1.08m seen in the corresponding quarter in 2013.
Revenue came in at $38.4m against the $54.6m seen in the second quarter of last year. Operating costs were down just over 15% to $25.8m.
A year-on-year decline of 22% in the time charter equivalent (TCE) for Jinhui’s supramax fleet contributed to the decline in its results.
Supramax TCE rates averaged $10,614 per day against $13,644 in 2013, while panamax TCE rates were down over 41% to $9,271 per day.
The company also suffered from a reduced fleet size which was 36 ships in the 2014 second quarter versus 40 in the year ago period.
“The dry bulk market remained lackluster in the second quarter as the pace of newbuilding deliveries outweighed demand,” Jinhui said.
Jinhui Shipping and Transportation fleet is comprised of two post-panamaxes, two panamaxes, thirty grabs fitted supramaxes, one handymax and one handysize.