to and quarter and us Thanks, morning, operations provide morning on to detailed turning on Gianni, update the provide overall our first This CFO, more financials. the over before and an market good to I thank overview Tiya for the of will all the joining call you call. of our a you
then issued which release for will press presentation, questions. have hope time accompanying and line open the We last you were had review to the evening. We our
I safe I to First, is expressing been hope thoughts who families. COVID-XX. healthy have by begin all are of everyone would you wishes like to those and good impacted that your and by and our with
their We are community. healthcare very in the essential global workers work the professionals and thankful to for whole
for onboard ships extra chains to We members are who all their more crew making to work our especially working our do for months global than supply continued properly. in continued part thankful sure
our and regulatory committed As Pangaea business always, good follow practices operating safely. comes it guidance the employees continue remains when will and always and to well-being as our we a of all to health company to
continued path First shipping quarter a we of the which of XXXX, participate in markets volatility. on
year during the XXX quarter. this XXX averaged year’s index the X,XXX, Following BDI Baltic from with dry XXXX to range first the
the Our slow negatively results were by quarterly impacted market.
we bunker million us our to we quarter margins. operating protect warmer to cost lose The the this fuel This IMO began hold than XXXX Sea costs industry. in one costs for consume impacted. swaps precipitous the And first we winter decreased operating ice as typically was tonnage for quarter year, is Baltic the temporarily the compliance weak higher prices and comparatively Fuel that and bunker met and requirements. drop had oil future $X.X that to margins us demand in for a class normal a in experienced to cost
Our in rates cargo affreightment, Panamax Baltic, average from XX% our long-term TCE and rate specialized contracts indexes, Supramax is which last outperform focused fleet rates against of despite by decrease continued XX%, to a the the We strategy. TCE our market exceeded attributable of average year’s the to first quarter. and
I billion XXXX. of will results period the to now to compared increased $XX.X the our $X.X the net reported days. for of quarter. Total an summarize a to XXXX income revenue We from billion March XXXX shipping of million X XX, as due in during for $XX.X months QX of ended loss increase QX for $X.X same in million XXXX net in
QX in from QX $XX,XXX TCE in rates down were $XX,XXX XXXX. to XXXX of Our XX%
of cash in of the us lockdowns we see of during all in cash, simply in Lastly, what’s for loosening We million. not COVID hold $ up especially Asia equivalents short-term we cash signs but the store pandemic, places, in hit. and do the first the some XX.X of virus some know restricted where
strong Baffinland point, us. our at for expect about this will are summer is which be business We And we the optimistic unaffected. season,
hopeful also again will Western that of the year. half countries for are We the pick the business second up in
updating be are to the acquire to our fleet. of and own to We to continuing opportunistic We looking deliver developments we quarters. new when vessels in renew always clients, our continue for look coming forward opportunities arrives you as best-in-class services to and
the on And financials. call to additional provide over I the like details turn would to with that, to Gianni
