Euroseas Returns to Profitability

The owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes reported a net income for the period of $2.0 million and a net income attributable to common shareholders of $1.5 million, as compared to a net loss of $17.6 million and a net loss attributable to common shareholders of $18.1 million for the fourth quarter of 2016. 

 

On average, 16.3 vessels were owned and operated during the fourth quarter of 2017 earning an average time charter equivalent rate of $9,083 per day compared to 12.1 vessels in the same period of 2016 earning an average time charter equivalent rate of $7,609 per day.

 

For the full year of 2017, Euroseas reported total net revenues of $42.9 million representing a 51.0% increase over total net revenues of $28.4 million during the twelve months of 2016.  The Company reported a net loss for the period of $6.1 million.

 

Aristides Pittas, Chairman and CEO of Euroseas, commented: “During the last quarter of 2017, Euroseas returned to profitability not only because of the recovery of the drybulk and containership markets but also due to its continuous efforts to control its operating, financial and capital cost structure and cash flows."

 

He added: "We believe that, over the last couple of years, we have positioned the Company to benefit from the unfolding market recovery by renewing and expanding our fleet in both sectors we operate." 

 

"In the drybulk sector, after the upcoming delivery of our Kamsarmax newbuilding and the planned sale of our elder handymax unit, we will own a fleet of six vessels from ultramax to kamsarmax size, three Chinese-built in the last two years and three Japanese-built of 2000-04 vintage. In the containership sector, we have a fleet of eleven medium age and elder feeder units that produce earnings at present market levels with low capital investment, ” Aristides said.