Euroseas Delivers Loss as Revenues Rise
The Greek ship owner and operator Euroseas remained in red, despite an improvement in the drybulk and container vessels market witnessed in the third quarter of the year.
The company reported net loss for the period of USD 4.8 million, as compared to a net loss of USD 4.6 million for the third quarter of 2016. The results for the third quarter of 2017 include a USD 4.6 million loss on write-down on two vessels classified as held for sale.
For the third quarter of 2017 ended September 30, the company’s total net revenues were at USD 11.1 million, up by 53.2% over total net revenues of USD 7.2 million seen in the same period a year earlier.
On average, 14 vessels were owned and operated during the third quarter of 2017 earning an average time charter equivalent rate of USD 8,529 per day compared to 11 vessels in the same period of 2016 earning on average USD 7,500 per day.
“The results of the third quarter of 2017 reflect the improvement of the market of drybulk and container vessels as compared to the same period of 2016. Our vessels earned on average daily rates that were approximately 10% higher than the daily rates earned during the same periods of 2016. As charter contracts are renewed or replaced with ones reflecting the higher market levels, we expect the average daily rates our vessels are earning to increase,” Tasos Aslidis, Chief Financial Officer of Euroseas, said.
For the nine-month period ended September 30, the company’s said that its net loss reached USD 8 million, as compared to net loss of USD 26.6 million seen in the first nine months of 2016.
Euroseas’ total net revenues for the period were at USD 29.4 million, up by 39.1% over total net revenues of USD 21.1 million reported during the first nine months of 2016.
On average, 13.5 vessels were owned and operated during the nine-month period, earning an average time charter equivalent rate of USD 7,978 per day compared to 11.3 vessels in the same period of 2016 earning on average USD 7,085 per day.