Net loss for 2014 rose to $17m from $14.2m in 2013 which translates to a loss of $0.37 compared to $0.31 a share the previous year.

There was a big jump in revenue to $20.6m, almost 90% higher than the $10.9m of 2013.

Hellenic Carriers average fleet increased to 5.9 vessels in 2014 up from 3.7 the previous year.

The average time charter equivalent rate also rose to $10,687 from $8,507 per day the previous year, outperforming the panamax average of $7,718 and a supramax rate of $9,818 per day.

“Despite the dry bulk market conditions remaining challenging during 2014, our operating results improved significantly for the year as compared to 2013,” declared Hellenic Carriers chief executive, Fotini Karamanli.

Karamanli highlighted that earnings before interest, taxes, depreciation and amortisation increased 233% and there was a 25% increase in vessel daily hire rates.

Hellenic Carriers also points to an improvement in the operational performance with the net loss 10% down before a non-recurring and non-cash impairment charge.

This impairment was a charge of $4.2m arising from the sale of the 44,809-dwt Hellenic Horizon(built 1995) at less than book value as part of a fleet renewal programme.

“In the current market environment, we have been able to renew our fleet, contain our costs and achieve high fleet utilisation,” she added.

“While the timing of the market recovery is yet unclear, we note that the pace of ordering new vessels has slowed down, scrapping has picked up and therefore, the supply side is expected to improve from 2016 onwards,” said Karamanli.

“Given that we do not anticipate a slowdown in the world economy,” she explained “we remain cautiously optimistic in respect of the longer term prospects of the market.”

Hellenic Carriers acknowledged that the dry bulk freight market did not perform as strongly as initially expected in 2014 with a further deterioration in rates seen by year end.

The company fleet focuses on spot trading through 2014 to take advantage of “pockets of opportunity” and avoid locking into weak rating.

Hellenic Carriers, listed on the London stock exchange’s secondary AIM market, currently operates two kamsarmaxes, a panamax and two supramaxes with a total capacity of 340,000-dwt.