Euroseas widens 2016 loss to US$1.7m, but sales rise 16.3pc to $40m

ATHENS-BASED short-sea operator Euroseas widened an annual net loss to US$1

23 February 2020 - 19:00

ATHENS-BASED short-sea operator Euroseas widened an annual net loss to US$1.7 million in 2019 from the $700,000 loss in 2018, despite last year's 16.3 per cent increase in revenue to $40 million year on year.

Euroseas also widened it's 2019 fourth quarter net loss to $900,000 from the $500,000 in 2018 despite last year's 65.9 per cent increase $13.3 million year on year.

'The year was one of the lowest growth rates in the container trade,' said Euroseas chairman and CEO Aristides Pittas.

'In January 2020, new uncertainties were introduced in the marketplace by the coronavirus epidemic and its potential effects on world and container trade growth,' he said.

Mr Pittas said the fourth quarter of 2019 marked another quarter of fleet expansion as we acquired four vessels on top of four vessels acquired in the third quarter, resulting in a fleet of 19 units.

'The carrying capacity of our fleet almost doubled over the last six months. Both of these transactions were examples of us using our public listing as a platform of consolidation of additional fleets partly paying for the acquisitions by issuing stock validating our growth strategy.

'We are very optimistic for the medium term prospects of the market due to the very low orderbook, the expected rebounding of the trade and the further constraints of vessel availability placed by the installation of scrubbers on a portion of the fleet to comply with the low sulphur emission regulations.

Euroseas' strategy remains focused on exploiting its position as the only publicly-listed feeder and small containership-focused company to continue growing pursuing accretive opportunities via mergers or combinations with privately owned vessels or fleets, said Mr Pittas.

Said chief financial officer Tasos Aslidis: 'During the fourth quarter of 2019, our vessels earned approximately 5.9 per cent higher time charter equivalent rates compared to the fourth quarter of 2018.'


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