Euroseas Reports 2Q Results

Thursday, August 23, 2007
Euroseas Ltd. an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the second quarter and six month period ended June 30, 2007. Net income of $6.4 million or $0.35 per share calculated on 18,370,861 weighted average number of shares outstanding on total net revenues of $15.6 million. Earnings per share for the second quarter of 2007 do not include $0.03 per share of revenues attributable to amortization of the fair value of period charter contracts acquired that is usually included by security analysts in their published estimates of earnings per share. Adjusted EBITDA was $11.4 million. Please refer to a subsequent section of the Press Release for a reconciliation of adjusted EBITDA to net income. An average 10.08 vessels were operated during the second quarter 2007 earning an average time charter equivalent rate of $18,776 per day. Declared a quarterly dividend of $0.25 per share for the second quarter 2007 payable on August 24, 2007 to shareholders of record on August 15, 2007.

Finance

China COSCO Falls to H1 Net Loss

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

Cosco Eyes Spanish port of Algeciras

Algeciras Bay Port Authority in southern Spain has put up a tender for its third container terminal, and China's Cosco Shipping Ports is already being mentioned as a fore runner candidate,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1311 sec (8 req/sec)