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Greek dry bulk shipping company Navios Maritime Holdings reported decreased revenue of USD 131 million for third quarter, ended September 30, 2015, compared to USD 152.5 million for the same period last year.

Revenue from drybulk vessel operations for the quarter was USD 63.6 million as compared to USD 73.5 million for the same period in 2014.

The decrease in drybulk revenue was mainly attributable to a decrease in the time charter equivalent rate per day by 25.8% to USD 8,570 per day in the third quarter of 2015, as compared to USD 11,550 per day in the same period of 2014.

The company’s Adjusted Net Loss for the three months ended September 30, 2015 was USD 20.3 million, also up from USD 16.6 million for the same period of 2014.

In addition, the prolonged weakness in the dry bulk industry has caused the Board of Navios Maritime to adopt a more flexible return of capital policy by initiating a share repurchase program and suspending the payment of dividends.

“We have experienced an extended period of weakness that is virtually unprecedented in our history, with the BDI average this year lower than at any time since 1986. As a result, we have adjusted our return of capital to our shareholders by initiating a share repurchase program and suspending our dividend payment. The share repurchase program entails a USD 25.0 million purchasing authority over a two-year period. The annual net savings will provide additional balance sheet strength and the opportunity to reinvest funds accretively,” Angeliki Frangou, Chairman and Chief Executive Officer, said.

Navios controls a fleet of 65 vessels totaling 6.7 million dwt, of which 40 are owned and 25 are chartered-in under long-term charters. The company currently operates 59 vessels with a total of 6 million dwt. The current average age of the operating fleet is 7.7 years.

Navios has four newbuilding charter-in vessels expected to be delivered at various dates through 2016, and two newbuilding owned vessels slated for delivery in the first quarter of 2016.

For the nine month period ended September 30, 2015, Navios reported a revenue of USD 369 million, compared to USD 420.1 million for the same period in 2014. The revenue from drybulk vessel operations was USD 170.4 million as compared to USD 225.5 million for the corresponding period in 2014.

Adjusted Net Loss for the nine months ended September 30, 2015 was USD 71.8 million as compared to USD 22.3 million for the same period of 2014.