Euroseas trims loss, turns to opportunities

Aristides Pittas-controlled company posts smaller loss in the fourth quarter and full year 2015.

Euroseas trimmed its loss in both the fourth quarter and the full year as it evaluates opportunities to modernise its fleet.

The Greek owner posted net loss of $3.6m to the end of December, compared to $7m at the same stage of 2014.

For the full year, New York-listed Euroseas saw its red ink run to $13.7m against $17.9m in 2014.

Aristides Pittas, chairman and chief executive of Euroseas, said: “Rates in the containership sector and particularly in the feeder size where we operate declined back to their levels of the beginning of last year from the higher levels observed during the second and third quarters.

“Overall the idle fleet is at higher levels compared to a year ago but it is mostly comprised of larger vessels indicating feeders like our ships are in better position to benefit from increases in demand.”

Euroseas’ revenue for the fourth quarter was $8.8m, down 23.5% compared to the corresponding quarter of 2014.

Its time-charter equivalent in the three month-period was $6,374 per day versus $7,823 a year earlier.

Pittas said the extremely low vessel values in the dry bulk market could present opportunities for the company.

Euroseas is expecting to take delivery of three new vessels by the middle of the year.

“As our vessels are mainly employed through short term contracts and index linked charters, albeit at below cost levels for the time being, we should be able to make the most from an increase in freight rates when this materialises,” Pittas added.