The company said it expects to incur additional costs in the fourth quarter as it will drydock three vessels.
For July-September quarter, the company's net income was $1.6 million, or 4 cents a share, compared with $36.2 million, or $0.99 per share, a year ago.
Voyage revenue fell by almost a quarter to $93.5 million.
Analysts, on average, expected the company to break-even on revenue of $92.8 million, according to Thomson Reuters I/B/E/S.
Separately, Genco-managed Baltic Trading posted a narrower-than-expected third-quarter loss. (Reuters)
