Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced its results for the three and nine month periods ended September 30, 2016, the company said in its press release.
Third Quarter 2016 Highlights:
•Total net revenues of $7.2 million. Net loss of $4.6 million; net loss attributable to common shareholders (after a $0.4 million dividend on Series B Preferred Shares) of $5.0 million or $0.61 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $0.401 per share basic and diluted.
•Adjusted EBITDA1 was $0.3 million.
•An average of 11.0 vessels were owned and operated during the third quarter of 2016 earning an average time charter equivalent rate of $7,737 per day.
•The Company declared its eleventh dividend of $0.4 million on its Series B Preferred Shares; the dividend was paid in-kind by issuing additional Series B Preferred Shares.
First Nine Monthss 2016 Highlights:
•Total net revenues of $21.1 million. Net loss of $26.6 million; net loss attributable to common shareholders (after a $1.3 million dividend on Series B Preferred Shares) of $27.9 million or $3.43 loss per share basic and diluted. Adjusted net loss per share attributable to common shareholders1 for the period was $1.291.
•Adjusted EBITDA1 was $(0.8) million.
•An average of 11.3 vessels were owned and operated during the first nine months of 2016 earning an average time charter equivalent rate of $7,220 per day.
About Euroseas Ltd.: Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the NASDAQ Global Market under the ticker ESEA since January 31, 2007.
Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 certified affiliated ship management company and Eurobulk (FE) Ltd. Inc., also an affiliated ship management company, which are responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
Euroseas has a fleet of 12 vessels, including 3 Panamax drybulk carriers, 1 Handymax drybulk carrier and 1 Kamsarmax drybulk carrier, 2 Intermediate containerships, 2 Handysize containerships, 3 Feeder containerships. Euroseas 5 drybulk carriers have a total cargo capacity of 351,272 dwt, its 7 containerships have a cargo capacity of 11,525 teu. Euroseas has also signed contracts for the construction of one Kamsarmax (82,000 dwt) fuel efficient drybulk carrier. Including the new-building, the total cargo capacity of Euroseas's drybulk vessels will be 433,272 dwt.
