General Maritime Corporation has posted a Q1 loss of $9.1m or $0.16 a share compared to a profit of $18.9m or $0.34 a share a year earlier.
The US company’s quarterly net voyage revenue decreased 21% to $65.9m from $82.9m.
The company attributed the fall to an increase in voyage expenses from $9.4m in Q1 2009 to $31.7m for the three months ending 31 March 2010.
General Maritime’s earnings before interest, taxes, depreciation and amortisation for the quarter was $32.1m, compared to $48.7m a year ago.
The average daily time charter equivalent rates obtained by the company’s fleet decreased by 21% to $24,321 a day for the quarter compared to $30,724 for the prior year.