Drybulk shipping last year of course is stronger than this year. They shall not compare EXM's earning this quarter to the same quarter in 2008. Importance is EXM's business this quarter has much improved than the last quarter. This is how MM steals cheap shares from those who shakes the weak hand. The exact same thing happened to X when they reported earning, MM dropped X from $42 to 35 to 36, only a week later today now is $44 to $45. So many X's traders and investors got shook and let go when X dropped over 10% on the day their earning was out.
"Importance is EXM's business this quarter has much improved than the last quarter."
Q1 Voyage revenue (you know, what they do and only what they do for cash)
Q2 Voyage revenue (again, that activity from which they derive their earnings)
So, yes, they did improve revenue. BUT Voyage expenses were higher, charter hire expense was higher, vessel operating expense was higher, G&A much higher, interest and finance costs were lower but they had charges relating to covenant waivers in Q1.
So much of the small increase in real revenue was eaten up by higher expenses.