Greece's Euroseas Report Q2 2013 Losses

MarineLink.com
Monday, August 12, 2013

Euroseas Ltd. reports results for the 6-month period and quarter ended June 30, 2013, despite net loss declares quarterly dividend, announces the sale of a vessel and the chartering of one of its bulkers.

Second Quarter 2013 Highlights:
•Net loss of $8.9 million or $0.20 loss per share basic and diluted on total net revenues of $9.6 million. Adjusted net loss1 for the period would have been $5.7 million, or $0.12 loss per share, basic and diluted.
•Adjusted EBITDA was $(1.0) million.
•An average of 14.96 vessels were owned and operated during the second quarter of 2013 earning an average time charter equivalent rate of $7,708 per day.
•Declared a quarterly dividend of $0.015 per share for the second quarter of 2013 payable on or about September 11, 2013 to shareholders of record on August 31, 2013. This is the thirty-second consecutive quarterly dividend declared.

Since the end of the second quarter 2013, the following developments took place:

•M/V Irini, a 69,734 dwt panamax size drybulk carrier built in 1988 was sold for scrap for approximately $3.9 million resulting in approximately $1.3 million gain on the sale. The vessel has been delivered to her new owners.
M/V Monica P, a 46,667 dwt 1998 built drybulk carrier entered into an approximately one-year charter contract at a gross daily rate of $7,500. The new charter will commence upon completion of its current charter on September 11, 2013.

Aristides Pittas, Chairman and CEO of Euroseas commented: "During the first half of 2013, the containership market was quite volatile with periods and areas of low fixing activity being followed by times of higher fixing activity. The overall result has been a marginally improving market. The drybulk charter markets also slightly recovered from their latest lows but not to levels that would enable us to re-charter our vessels with expiring charters near their previous rate levels and this development is reflected in our quarterly results." Adding that, "The general consensus is that both sectors have turned the corner and will continue recovering in tandem to an improving global economy."

 


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