UPDATE 1-Star Bulk Carriers Q3 loss narrower than expected

Wed Nov 9, 2011 8:34am EST

* Q3 adj loss $0.02/shr vs est loss $0.08/shr

* Voyage revenue dips 13 percent

Nov 9 (Reuters) - Star Bulk Carriers Corp posted a narrower-than-expected quarterly loss as the Greek drybulk carrier cut costs to overcome lower rates in a weak tanker market.

Average daily time charter equivalent rate fell 28 percent to $18,808 while voyage revenue dipped 13 percent to $26.2 million. Vessel oversupply combined with a shaky globally economy is dragging down rates.

Third-quarter net loss was $3.0 million, or 4 cents per share, compared with a net income of $1.2 million, or 2 cents per share, a year ago.

Excluding items, the company posted a loss of 2 cents a share. Analysts on average had expected a loss of 8 cents a share, according to Thomson Reuters I/B/E/S.

Navios Maritime Acquisition Corp posted a narrower third-quarter loss helped by the acquisition of new vessels. The company's third-quarter loss narrowed to 6 cents a share from 26 cents a share a year ago.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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