London-listed Hellenic Carriers has reduced its loss in the first half of 2014 as freight rates rose. The Greek company reported a net deficit of $5.3m, from $6.8m in the same period of 2013.
Hellenic Carriers fleet was doubled to six vessels.
Hellenic Carriers said time charter rates were $10,914 daily, from $7,735 in 2013, outperforming the average numbers for the panamax and supramax fleets.
Vessel operating costs were down a fraction at $5,205 per day, from $5,260.
Hellenic Carriers decided against locking its bulkers into long-term deals, hoping to take advantage of market volatility. Hellenic said it will continue its spot strategy in the short term.