The loss increase primarily resulted from an increased loss on disposal of vessels, including held for sale impairments, of $12 mill, reduced TCE revenues of $5.2 mill, higher interest expense of $6.1 mill and a reduction in equity in income of affiliated companies of $7.5 mill, compared to 3Q17.
These negative factors were partially offset by decreases in vessel expenses, third-party debt modification fees, depreciation and amortisation, and general and administrative expenses.
Net loss for the nine months ended 30th September, 2018 was $95.9 mill, compared to $15.4 mill, for the same period of 2017.
Consolidated TCE revenues for 3Q18 were $51.3 mill, compared to $56.5 mill in 3Q17. Shipping revenues were $60.9 mill, compared to $60 mill in 3Q17.
Consolidated TCE revenues for the nine month period were $150.1 mill, compared to $209.9 mill for 2017. Shipping revenues were $169.8 mill, compared to $220.7 mill in the previous year.
The decline in TCE revenues was partly due to a decline in average daily rates in the VLCC and product carrier fleets. Partially offsetting these decreases was an increase in revenue days in the VLCC fleet, reflecting the acquisition of seven modern VLCCs between November, 2017 and June, 2018.
TCE revenues for the crude tanker segment were $40.3 mill for the quarter, compared to $34.9 mill in 3Q17. This increase primarily resulted from the acquisition of modern VLCC and Suezmax tonnage, which contributed an incremental $9 mill and the impact of higher average blended rates in the Aframax and Suezmax sectors aggregating around $1.2 mill.
Aframax and Suezmax spot rates increased to around $12,600 and $17,100 per day, respectively. Lower average blended rates in the VLCC fleet accounted for a decline in revenue of $4.2 mill, with VLCC spot rates declining to about $13,900 per day. VLCCs aged 15 years or less earned an average daily rate of $15,398 per day, compared to the overall VLCC rate of $13,891 in the current period, while in 3Q17, the VLCCs under 15 years of age earned an average daily rate of $16,489 per day, compared to the overall VLCC rate of $16,171 per day.
Crude tanker shipping revenues were $49.9 mill for the quarter, compared to $38.3 mill in 3Q17.
TCE revenues were $104 mill for the nine month period, compared to $136.7 mill for the same period last year. Shipping revenues were $123.4 mill for nine months, compared to $146.1 mill for the same period last year.
TCE revenues for the product carriers segment were $10.9 mill for 3Q18, compared to $21.6 mill in 3Q17. This decrease was primarily due to a decline in average daily blended rates earned by the MR, LR1 and LR2 fleets, with spot rates declining to about $7,400, $9,500 and $8,900 per day, respectively, aggregating around $4.1 mill.