Euroseas Report Dip in Profits

Press Release
Thursday, February 14, 2013

Greek-based Euroseas Ltd., drybulk and container ship owners and operators, publish their Q4 & full year 2012 financial results.

Full year 2012 Highlights:

  • Net loss of $13.2 million or $0.34 net loss per share basic and diluted on total net revenues of $52.5 million. Adjusted net loss1 for the period would have been $4.0 million or $0.10 net loss per share basic and diluted.
  • Adjusted EBITDA1 was $14.9 million.
  • An average of 15.21 vessels were owned and operated during the twelve months of 2012 earning an average time charter equivalent rate of $10,155 per day.
  • Declared four quarterly dividends for a total of $0.09 per share during full year 2012

Aristides Pittas, Chairman and CEO of Euroseas commented: "Containership and drybulk markets remained depressed during the fourth quarter of 2012 and year-to-date 2013 due to slow demand growth and abundant vessel supply. More vessel deliveries scheduled during 2013, mirroring orders placed up to mid- 2011, are expected to make this year a challenging one as well as only modest world economic growth, and thus seaborne trade growth, is expected."

"Our drybulk fleet charters which provided us with significant cash flow contributions during 2012 are gradually due for renewal in 2013. We decided to put the first drybulk vessel that concluded its charter, Eleni P, into the Baumarine panamax bulker pool where we expect her to be earning spot market rates. We believe that the drybulk charter market will remain depressed in 2013 and would expect to see a modest recovery in 2014, therefore we do not intend to be chartering any of our drybulk vessels for a period more than a year. All but one of our containerships are employed at low market rates and ships coming up for renewals will probably be chartered for periods up to a year too. We remain optimistic that this market will also bottom out by the second half of 2013."

"On the investment front, we expect that very attractive vessel opportunities will be available during 2013 and we thoroughly monitor the secondhand markets. Our strong balance sheet and cash reserves allows us the comfort of being in a position to weather a difficult year without forgoing investment in additional vessels or the renewal of our fleet."

"Our Board decided to maintain our quarterly dividend to $0.015 per share which represents an annual yield of about 6.0% on the basis of our stock price on February 13, 2013."

The Company has a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 4 Handysize containerships, 2 Feeder containerships and a multipurpose dry cargo vessel.
 

 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ZF Celebrating 100th Anniversary

2015 marks the 100th anniversary of the foundation of ZF Friedrichshafen AG   Zahnradfabrik GmbH was founded in 1915, and through a 100-year history has developed

Signal Ship Repair Achieves OSHA Milestone

Signal International announced that on December 31, 2014, the Signal Ship Repair Operations located in Mobile, Alabama achieved one full year and worked 387,926 manhours,

Evergreen to Charter 11 Containerships

Evergreen Group signed time charter agreements with Shoei Kisen Kaisha, Ltd. (Shoei) to charter a total of 11 18,000 TEU vessels, which include the six units of

Bulk Carrier Trends

Ecochlor BWTS Chosen for 8 New Bulkers

Times Navigation, Inc. has selected Ecochlor, Inc. to provide ballast water treatment systems (BWTS) for installation on a fleet of eight new CROWN63 (63,500 DWT)

Port of Redwood City Sees Cargo Increase

The Port of Redwood City experienced a five percent increase in cargo movement across its docks for the first half of fiscal year 2014/2015 that ended December 31, 2015.

Nigerian Shippers Council Bans Illegal Port Charges

The Nigerian Shippers Council (NSC) has urged ports service providers to stop the collection of any illegal charges not statutorily approved, says a Council press statement.

Finance

Denmark's Budget Gap May Flirt with EU Limit if Oil Stays at $50

Denmark's government estimates its budget would lose 7.5 billion Danish crowns ($1.1 billion) if oil prices remained around $50 a barrel, according to a document

Sweden-Poland Maritime Link Improved

The EU's TEN-T Program will co-fund with over €2 million the development of the sea ports of Trelleborg (Sweden) and Świnoujście (Poland), to increase their competitiveness and sustainability,

West Coast Port Talks Clear Hurdle

Shipping companies and the union for 20,000 dockworkers at nearly 30 U.S. West Coast ports have cleared a major hurdle in their protracted labor talks, clinching

Container Ships

Evergreen to Charter 11 Containerships

Evergreen Group signed time charter agreements with Shoei Kisen Kaisha, Ltd. (Shoei) to charter a total of 11 18,000 TEU vessels, which include the six units of

West Coast Port Talks Clear Hurdle

Shipping companies and the union for 20,000 dockworkers at nearly 30 U.S. West Coast ports have cleared a major hurdle in their protracted labor talks, clinching

Nigerian Shippers Council Bans Illegal Port Charges

The Nigerian Shippers Council (NSC) has urged ports service providers to stop the collection of any illegal charges not statutorily approved, says a Council press statement.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.4903 sec (2 req/sec)