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Euroseas narrows full year loss to $13.7m

Euroseas narrows full year loss to $13.7m
Container and bulk vessels operator Euroseas has trimmed its 2015 loss amid worsened dry bulk market and challenging container shipping sector.

Net loss for the full year narrowed to $13.7m from the larger deficit of $17.92m seen in 2014. Revenue for 2015 fell by 7.3% year-on-year to $37.68m.

Aristides Pittas, chairman and ceo of Euroseas, commented: “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,” he said.

The dry bulk sector, on the other hand, is at “the worse levels seen over the last 30 years with the BDI breaking its historical low levels,” Pittas continued.

“Looking forward, increased scrapping and increased delays and cancellation of newbuilding orders could provide some foundation for the market to arrest the declines and, perhaps, benefit from demand recovery. We expect, though, a challenging market environment throughout 2016,” he said.

He pointed out that extremely low vessel values in the dry bulk market at present could present opportunities to modernise its fleet.

Last year on average, 14.74 vessels were owned and operated by Euroseas, earning an average time charter equivalent rate of $7,570 per day compared to 14.60 vessels in 2014 earning on average $7,534 per day.