In 3Q18, the average number of controlled bulk carriers was 78 compared to 79 in 2Q18 and the average number of operated gas carriers reached 32, unchanged from 2Q18.
The handysize dry cargo market proved robust during 3Q18 despite trade war concerns, stock market volatility as well as interest hikes and ended approximately 12% above the level recorded one year ago. The market for small gas carriers also showed some resilience in 3Q18 and ended 4% above the levels one year ago for semi-refrigerated carriers and 3% above for pressurised vessels, whereas the market for ethylene tonnage was 2% below 3Q17.
3Q18 EBITDA amounted to US$1.7 million against US$9.8 million in the same period in 2017. The improvement was due to the sustained dry cargo market improvements with EBITDA up by US$4.4 million, and particularly our core fleet continued to perform better than expected. Gas carrier earnings also continued to improve.
Assets and liabilities
Total assets amounted to US$466 million, compared to US$478 million on 30 June 2018. The solvency ratio was 51%, unchanged from 30 June 2018.
