Losses escalate at Euroseas

The loss came on revenues of $9.6m, down from $12.7m in 2012.

The result brought first half losses to $13.5m on revenues of $20.5m; last year first half losses were $8.8m on revenues of $26.7m.

The average time charter equivalent (TCE) rate for the fleet was $7,708 per day for the quarter, dragging the first half average down to $8,256 per day.

"During the first half of 2013, the containership market was quite volatile with periods and areas of low fixing activity being followed by times of higher fixing activity. The overall result has been a marginally improving market. The drybulk charter markets also slightly recovered from their latest lows but not to levels that would enable us to re-charter our vessels with expiring charters near their previous rate levels and this development is reflected in our quarterly results," said Aristides Pittas, chairman and ceo of Euroseas.

Euroseas cfo Tasos Aslidis added, "As of June 30, 2013, our outstanding debt was $54.1m versus restricted and unrestricted cash of about $34.1m. As of the same date, our scheduled debt repayments over the next 12 months amounted to about $17.6m, inclusive of about $7.6m of balloon repayments, which may be extended. All our debt covenants are satisfied."

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