Greece-based dry bulk shipping firm Star Bulk Carriers managed to cut its net loss for the quarter ended September 30 to USD 7.4 million from a net loss of USD 39.4 million seen in the same period in 2016.

The company informed that its total net voyage revenues for the quarter were up at USD 63 million, compared to USD 43.7 million reported a year earlier, mainly due to the rise in charterhire rates during the third quarter of 2017.

TCE rate climbed by 40% to USD 9,619 from USD 6,885 in the third quarter. A slight increase in the average number of vessels in Star Bulk’s fleet during the third period also contributed to stronger voyage revenues.

Operating income for the three months was USD 4.9 million, against an operating loss of USD 30.2 million seen in the third quarter of 2016.

In September 2017, the company entered into an agreement to sell the vessel Star Vanessa, which was delivered to its new owners on November 1, 2017. Additionally, in late October Star Bulk agreed to acquire Star Triumph, a Capesize vessel with carrying capacity of 176,343 dwt. The 2004-built ship is expected to be delivered in December.

Furthermore, in early November the company closed a public offering of USD 50 million aggregate principal amount of senior unsecured notes due 2022. The proceeds from the sale will be used to redeem in full Star Bulk’s currently outstanding 8.00% Senior Notes which mature in November 2019.

For the nine months ended September 30, 2017, net loss was USD 33.7 million, compared to a net loss of USD 121.1 million reported in the same period a year earlier.

Total net voyage revenues were USD 174.8 million, compared to USD 105.2 million for the first nine months of 2016, as the charter hire rates during the period jumped by 64%.

Operating income was USD 1.6 million, against an operating loss of USD 85.9 million seen in the nine months ended September 30, 2016.