Euroseas Sees Improvement in Cargo Shipping

 

Aristides Pittas, Chairman and CEO of Euroseas said that the drybulk market improved rapidly during the last two months of 2016 and throughout the first quarter, although it has recently lost some of the gains achieved. 

 

The containership market improved more gradually starting in February 2017, and has maintained its level, still low compared to historical standards, despite a slowdown in chartering activity lately. 

 

The reduced levels of orderbook for both sectors as compared to the recent past as well as the strengthening of world economic growth are giving us hope that the rebound will continue even at a modest pace. 

 

Aristides added: "Our fleet should be able to take full advantage of such a rebound as during the last quarter of 2016 and the first quarter of 2017 we have generally been employing our vessels in short term charters and have further renewed our drybulk fleet, which now includes two newbuild vessels and four well-maintained Japanese built secondhand ones."

 

"In addition to the improving market prospects, our strengthened balance sheet, as a result of raising funds via both private placements and our at-the-market offering, has given us the confidence to continue the construction of our second Kamsarmax vessel due to be delivered by June 2018 as we announced last month."

 

"We continue looking for opportunities to expand our fleet with well-priced well-maintained vessels. We believe that a company like Euroseas with access to the public markets and a cost-effective operating platform provides an ideal "home" for other small or large private fleets to pursue capital raising options and offer their shareholders additional exit options. We completed such a transaction in which we acquired a vessel for shares at the end of 2016 and we continue exploring similar opportunities as we believe our shareholders will be able to achieve significant value gains," Aristides concluded.