The loss for CMB is largely in line with its $11.2m profit for the same period in 2013, as that included a $14.1m one time gain on the sale of shares.
"Despite generally held optimism, the first quarter of 2014 was characterised by seasonally low freight rates," the company stated in an earnings release.
The company's cape fleet was hit by a 25% drop in iron ore exports from Brazil, as well as disruptions to coal exports from Colombia. The Indonesian ban on exporting processed minerals affected freight rates for Supramaxes, with a cascading effect to smaller sizes.
Bocimar's fleet value rose 10% in the quarter, reflecting a strong period market and FFAs.
The company expects a balancing of supply and demand as China's demand for iron ore continues to grow and fleet growth remains at a moderate level.
"Considering its exposure to the spot market, Bocimar is well positioned to take advantage of improved market conditions," CMB stated.
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