Euroseas Still in the Hole

  • Business & Finance

Greek owner and operator of dry bulk and container ships Euroseas Ltd. reported USD 3.3 million net loss attributable to shareholders for the quarter ended June 30, as compared to net loss of USD 5.4 million for the second quarter of 2014.

The company reported total net revenues of USD 9.4 million, a 2.8% decrease over total net revenues of USD 9.6 million during the second quarter of 2014.

“The results of the second quarter of 2015 reflect the still low but improved levels of the containership and drybulk markets compared to the same quarter of 2014,” Tasos Aslidis, Chief Financial Officer of Euroseas, said.

On average, Euroseas owned and operated 15 vessels during the second quarter of 2015, earning an average time charter equivalent rate of USD 7,127 per day, compared to 14.4 vessels in the same period of 2014, earning on average USD 7,373 per day.

“We were pleased to see a recovery of the containership market during the second quarter of this year, which allowed us to re-charter several of our containerships at levels that generate positive cash flows,” Aristides Pittas, Chairman and CEO of Euroseas, said.

”Furthermore, late in the quarter and during the month of July, drybulk rates also improved. While the near term supply/demand balance is challenging, especially, for the drybulk market, these rate increases took place at periods with traditionally seasonally low rates and may be an indication of a better overall rate environment.”

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