For the first quarter of 2017 the Company reported a net loss of $4.9 million, or $0.17 per share basic and diluted as compared to a net loss of $13.9 million, or $0.46 per share basic and diluted for the first quarter of 2016.
For the first quarter of 2017, the Company reported Adjusted EBITDA* of $1.2 million as compared to a negative Adjusted EBITDA of $2.4 million for the comparative quarter in 2016.
Revenue net of voyage expenses (“Time charter equivalent (TCE) revenue”) for the first quarter of 2017 approximately doubled to $10.0 million as compared to $4.9 million in the same period of 2016 resulting in a TCE per day for the first quarter of 2017 of $6,997 as compared to $3,654 for the same period in 2016.
During the first quarter of 2017, five vessels completed their Special Surveys resulting in Drydock expenditure of $2.6 million that were expensed as operating costs in the quarter.