Time charter revenues, net of prepaid charter revenue amortization, were $5.4 million for the fourth quarter of 2016, compared to $14.9 million for the same period of 2015, mainly due to reduced employment opportunities and time charter rates.

Net loss for the year ended December 31, 2016, amounted to $149.0 million, compared to a net loss of $17.5 million for the year ended December 31, 2015. The loss for 2016 includes $118.9 million of impairment charges for seven of the Company’s vessels and $2.9 million of direct sale and other charges for two vessels, without which the result for the period would have been a net loss of $27.2 million. The loss for the year ended December 31, 2015, includes $8.3 million of direct sale and other charges associated with the disposal of one vessel and $6.6 million of impairment charges of another vessel, without which the result for the period would have been a net loss of $2.6 million. Time charter revenues, net of prepaid charter revenue amortization, for the year ended December 31, 2016, amounted to $33.2 million, compared to $62.2 million for the year ended December 31, 2015…