Shares of OceanFreight Inc lost a quarter of their value Thursday, a day after the drybulk shipper posted a wider-than-expected quarterly loss.

For the second quarter, the company reported a net loss of $32.8
million, 51 cents a share, compared with a net income of $24.0 million,
or $1.65 a share, last year. Excluding items, the company’s net loss
for the quarter was 8 cents a share, while one analyst was expecting a
loss of 4 cents a share, according to Reuters Estimates.
‘We attribute the earnings downside primarily to higher-than-expected
operating costs, especially vessel operating expenses and management
fees,’ said Cantor Fitzgerald analyst Natasha Boyden, who downgraded
the stock to ’sell’ from ‘hold’, in a research note.
Boyden said this development was discouraging as many of the company’s
peers have been able to keep vessel operating expenses relatively flat
as crew costs have come down.
OceanFreight shares were trading down 45 cents at $1.34 in morning trade on the Nasdaq. They had earlier touched a low of $1.25.

Source: Reuters

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