Euroseas Latest Financial Report Reflects Depressed Market

Press Release
Thursday, November 08, 2012

Euroseas Ltd. owner & operator of drybulk and container carriers publish financial reports period ending 30, September 2012

Third Quarter 2012 Highlights:
 

  • -Net loss of $0.8 million or $0.02 net loss per share basic and diluted on total net revenues of $13.4 million. Adjusted net loss1 for the period was $0.6 million or $0.01 loss per share basic and diluted.
  • -Adjusted EBITDA1 was $4.0 million.
  • -An average of 15.00 vessels were owned and operated during the third quarter of 2012 earning an average time charter equivalent rate of $10,246 per day.
  • -Declared a quarterly dividend of $0.015 per share for the third quarter of 2012 payable on or about December 11, 2012 to shareholders of record on December 4, 2012. This is the twenty-ninth consecutive quarterly dividend declared.

Aristides Pittas, Chairman and CEO of Euroseas commented: "During the third quarter of 2012, the containership market continued being depressed with no boost in charter rates during the usual holiday-targeted seasonal uptick during September and October. Drybulk rates continued their downward slide during the quarter as well. While most of our containerships are chartered at the presently low market levels, our drybulk vessels benefit from previously entered charter contracts with higher rates well in 2013.

"Looking forward, we expect to continue facing a challenging rate environment as weaker world economic growth is projected for 2013 alongside with significant fleet supply growth. This difficult operating environment comes along with opportunities to invest in vessels at very attractive valuations. We believe that our strong balance sheet and low leverage will allow us to not only manage the challenging year ahead but be in position to capitalize on investment opportunities as they appear to renew and expand our fleet.

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