Genco Shipping and Trading reported a $24.5m loss for the fourth quarter as expenses continued to swamp revenue.
But the New York-listed firm says the recent capital raises will provide enough liquidity to help it through 2017.
The loss was about half of the $49.2m loss it reported in the quarter a year earlier. For the full year 2016, Genco logged a $217m loss compared to a $194m loss in 2015.
Chief executive John Wobensmith emphasised cost containment during the quarter. The company was able to report total operating expenses falling 15% during the quarter versus the year earlier.
"Our focus on maintaining cost effective operations enabled the company to further reduce direct vessel operating expenses and continue the significant progress we have made since 2014," he said.
Revenue of $43.7m was up 27% from the fourth quarter of 2015, thanks to the sharp gains seen in the Baltic Dry Index over winter. Average time-charter equivalent rates for the company were up 41% to $6,659 per day during the quarter, thanks to resurgent coal and iron ore demand in China. Rates have since softened, but they remain up on a year-on-year basis.
Wobensmith also pointed to the company's fundraising during the last quarter where it was able to close a $400m credit facility and sell $125m in new preferred shares.
The company also continues to winnow its fleet with agreements to sell the last two of ten vessels identified for disposal, the 47,000-dwt Genco Prosperity and the Genco Success (both built 1997) for total net proceeds of $5.7m.
