Euroseas Report Adverse Financial Winds in Year 2013

MarineLink.com
Thursday, February 20, 2014
Image courtesy of Euroseas

Greece-based container ship & drybulk ship owners and operators Euroseas have released its results for the three month period and full year ended December 31, 2013, with the following highlights:

Full year 2013

  • Net loss of $103.4 million, or, $2.28 net loss per share basic and diluted on total net revenues of $39.2 million. The full year results include a $78.2 million impairment loss, or, $1.72 loss per share basic and diluted. Adjusted net loss1 for the period would have been $23.1 million or $0.51 net loss per share basic and diluted.
  • Adjusted EBITDA1 was $(1.7) million.
  • An average of 14.56 vessels were owned and operated during the twelve months of 2013 earning an average time charter equivalent rate of $7,945 per day.
     

Aristides Pittas, Chairman and CEO of Euroseas commented:
"Containership rates improved marginally during the fourth quarter of 2013 but overall were very depressed in 2013 due to weak demand and significant supply. Drybulk rates exhibited increased volatility since late summer of 2013 reaching for short periods very satisfying rate levels. While our containerships roughly earned their operating costs and mortgage interest, a couple of drybulk vessel charters that we renewed were at higher levels. Looking forward, we remain cautiously optimistic for both sectors expecting rates to increase a bit in 2014 due to marginally improving demand/supply balance."

"As a result of our near term outlook of both markets, we believe that 2014 would be a good time to invest in drybulk vessels, mainly, but also containerships, expanding and renewing our fleet. To that effect, we placed an order in November 2013 for two ultramax newbuildings with delivery at the end of 2015 and beginning of 2016, and earlier this week we agreed to acquire a panamax bulker built in 2004, in Japan."

"We continuously evaluate acquisition opportunities with the objective to invest in additional drybulk vessels, secondhand and/or additional newbuildings, or containerships. At the same time, within 2014 we raised approximately $29 million of net proceeds by issuing convertible preferred stock and welcoming as shareholder one institution with commitment to shipping who is supportive of our strategy."

"Our Board believes that 2014 will be a turning point for Euroseas both in terms of its fleet growth and renewal and its determined efforts in the capital markets to raise funds to further capitalize on the market opportunities."

www.euroseas.gr
 

 

 

 

 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

McAllister Towing Celebrates 150 in Style

McAllister Towing hosted a dual celebration in New York City on Friday, September 19, a gala in honor of the company’s 150th anniversary and a traditional christening of the Buckley McAllister,

Navios Charters Out Newbuild MR2 Product Tanker

Navios Maritime Acquisition Corporation (Navios Acquisition), an owner and operator of tanker vessels, announced that the Nave Luminosity, a newbuilding MR2 product tanker of 49,

Training, Mentoring and Assessment On Board

Videotel has launched a new edition of its Training, Mentoring and Assessment On Board program which supports the IMO requirement for a standardization of training

Bulk Carrier Trends

India's Coal Imports Causing Port Congestion

Congestion at Paradip expected to ease in a week if rains stop; higher-than-usual congestion at some other ports too. Indian power and steel companies are importing

Second Sailing Added to Cleveland-Europe Express

The Port of Cleveland and Amsterdam-based Spliethoff Group announced today their mutual intent to add a second monthly vessel to the Cleveland-Europe Express (CEE),

Ferus Smit Building LNG Powered Cement Carrier

The first unique LNG powered ship that Ferus Smit has on order for Erik Thun A.B. will be built and equipped as a dedicated cement carrier. The ship will be delivered to the joint venture JT cement,

Finance

Statoil: New Compressor Means Heightened Production

The new compressor in operation on the Kvitebjørn field in the North Sea from 17 September will increase production there by 220 million barrels of oil equivalent

India's Coal Imports Causing Port Congestion

Congestion at Paradip expected to ease in a week if rains stop; higher-than-usual congestion at some other ports too. Indian power and steel companies are importing

Short-Term Perils of Lower Oil Prices: DW Monday

At present we are seeing lower oil prices as a function of softer demand growth in both Europe and China combined with recent output increases from OPEC, particularly Libya,

Container Ships

Specialised Reefer Container Operators can Thrive: DMR

Despite growing competition from container lines, specialised reefer operators can still thrive, according to Drewry’s latest Reefer Shipping Market Annual Review & Forecast,

Chevron To Find Buyers for Hawaiian Refinery

Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said.

South Carolina Ports Container Volume Up by 13%

SC Ports Authority reported container volumes up 13 percent fiscal year to date, a strong start to the first two months of the fiscal calendar. The SCPA handled 163,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar Winch
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: 0.2079 sec (5 req/sec)