Star Bulk Carriers Corp. (SBLK) reported a wider net loss in the third-quarter of 2012 mainly due to a non-cash impairment charge of $303.2 million related to the total fleet of eight Supramax vessels and to oldest Capesize vessel.
Net loss for the quarter loss widened to $308.68 million or $57.15 per share, from $3.00 million or $0.59 per share in the same quarter last year.
Excluding these non-cash items, net loss for the quarter would amount to $3.8 million or $0.70 loss per share, compared to a net loss $1.5 million, or $0.30 per share last year.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.
Voyage revenues for the quarter declined to $18.35 million from $26.19 million in the prior year quarter. Two analysts had consensus revenue estimate of $17.73 million for the quarter.
In Friday's regular trading session, SBLK is currently trading at $6.29, down $1.13 or 15.23 percent.
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