Cypriot bulker player Castor Maritime has revealed a loss in the second quarter, but has since benefited from strengthening charter markets.
The Nasdaq-listed shipowner said the net deficit to 30 June was $140,000, against profit of $270,000 a year ago.
Revenue from its four panamaxes rose to $2.58m versus $950,000 in 2019, as it added two secondhand ships to the fleet following share issues to raise cash in the US.
But operating costs were higher at $1.21m, from $400,000, as a result of the expansion and more depreciation charges.
The six-month loss stands at $400,000.
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The daily time charter equivalent (TCE) rate was $9,090 for the fleet in the quarter, compared to $10,339 in the same period a year ago.
Two vessels were hit by exposure to lower rates on renewing charters in the face of the Covid-19 pandemic.
Castor said bulker rates were lower from March as lockdowns were instituted worldwide.
"However, from June 2020 onwards, we have seen a rebound in charter rates for the asset class we own and operate and we have been able to recharter vessels that were open for renewal at improved charter rates compared to those prevailing in the first quarter of 2020 and up to May 2020," the company added.
Castor said it cannot make any financial assessments for the future, as uncertainty persists.
Chief executive and chief financial officer Petros Panagiotidis added that the company was "very satisfied" with the performance, bearing in mind the challenges caused by Covid-19 demand shocks.
"We have been able to more than double our revenues compared to the same quarter last year, mainly attributed to our fleet growth," he added.
"Amidst these unprecedented times, we have been able to raise substantial capital which we have partly utilised for the further expansion of our fleet, remaining committed to our growth plan."
The boss said the "strong" liquidity position provides Castor with a cushion to withstand a potentially prolonged weaker market due to the Covid-19 pandemic, but also allows it to take advantage of further growth opportunities.
