For the second quarter of 2020, time charter sales were $41.0 million , compared to $55.4 million for the same time in 2019. The decline in time charter revenues was primarily due to decreased revenues due to the selling of six vessels in 2019 and one vessel in 2020 and also due to decreased average time charter rates obtained by the company over the quarter for its vessels.

The net loss for the six months ended June 30, 2020 amounted to $113.6 million and the net loss attributed to common stockholders amounted to $116.5 million, including an impairment loss of $95.7 million and a vessel disposal loss of $1.1 million.

This compares with net income of $1.7 million and net loss for the first half of 2019 attributable to $1.2 million in common stockholders. Time charter revenue for the first half of 2020 is $84.7 million compared with $115.7 million for the same duration in 2019.

Maritime Business World