Eagle Bulk has begun its second consecutive year on the black side of the ledger but still pretty close to where the red ink flows.
The New York-listed owner posted a meager profit of $29,483 for the first three months of 2019, down from a $52,745 profit during the same period last year.
Those latest results produced no earnings per share for the period but still beat analyst's estimate of a $0.13 loss per share.
Net revenue fell 2% to $77.4m while TCE revenue declined 14% to $40m but chief executive Gary Vogel was still pleased with the results.
After all, supramax charter rates bottomed out at $4,840 on 7 February on higher tonnage and lower fresh cargo volumes.
"Notwithstanding weakness in freight markets during the first quarter, we were able to achieve out highest TCE outperformance to date," he said.
"I am pleased to report our first-quarter TCE outperformance, relative to the adjusted Baltic Supramax Index equated to almost $2,400 per vessel per day, representing a beat over 30%."
