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Thursday, March 28, 2024

Euroseas Reports Q4 Loss

Maritime Activity Reports, Inc.

February 16, 2017

 Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, reported a total net revenues of $7.3 million for the three month period ended December 31, 2016.

 
Net loss attributable to common shareholders of $18.1 million or $2.17 loss per share basic and diluted. 
 
This loss includes, amongst other items, a $0.4 million of dividend on Series B Preferred Shares, a $5.9 million loss on write-down of M/V Eleni which was held for sale, $3.8 million loss on expected termination of our Kamsarmax newbuilding contract and a $4.7 million impairment loss.
 
Total net revenues of $28.4 million for the full year ended December 31, 2016. Net loss attributable to common shareholders of $45.9 million or $5.63 loss per share basic and diluted. 
 
This loss includes, among other items, a $1.7 million of dividend on Series B Preferred Shares, a $5.9 million loss on write-down of M/V Eleni which was held for sale, $7.1 million loss on termination of our Ultramax newbuilding contracts and on expected termination of our Kamsarmax newbuilding contract and a $18.7 million impairment loss in our Euromar investments.
 

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