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Euroseas suffers net loss in first three quarters on fleet expansion

GREEK containership owner Euroseas declared a third quarter net loss of US$200,000 as well as net revenues of $26

Euroseas suffers net loss in first three quarters on fleet expansion

GREEK containership owner Euroseas declared a third quarter net loss of US$200,000 as well as net revenues of $26

29 November 2019 - 19:00

GREEK containership owner Euroseas declared a third quarter net loss of US$200,000 as well as net revenues of $26.7 million in the first nine months of 2019, resulting in another net loss because the purchase of four ships.

An average of 13.5 vessels were owned and operated during the third quarter of 2019 earning an average time charter rate of $8,554 per day.



'We believe that container trade growth will positively contribute to the level of rates and values over the next couple of years assuming that trade tensions further subside and economic growth returns to 2018 levels as expected by the IMF,' said Euroseas chairman and CEO Aristides Pittas.



Said chief financial officer Tasos Aslidis: 'The results of the third quarter of 2019 reflect the decreased levels of the containership market compared to the same period of 2018.'



Nasdaq-listed Euroseas took delivery of four feeder containerships, owned by affiliates of the Pittas family controlled by Mr Pittas, which agreed to be acquired in May.



The price of the acquisition included a cash payment of $15 million and the issuance of approximately 22.5 million shares of common stock to the sellers at a share price of $0.71.



The four vessels, one with capacity 3,100 TEU built in 2007, two with capacity 1,740 TEU built in 2005 and 2007 and one with capacity 2008 TEU vessel built in 1998, significantly expanded the Euroseas fleet.



Finally, the company declared its third cash dividend of $0.16 million on its Series B Preferred Shares. Adjusted EBITDA1 was $1.6 million in the third quarter.


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