Euroseas today reported a net loss of $4.6 million in the first quarter of 2013, improving from a net loss of $9.0 million in the first quarter of 2012.
Quarterly revenue for the Greek vessel operator and cargo transportation provider was $10.9 million, dropping 21.7 percent compared with $13.9 million in the same quarter last year.
“During the first four months of 2013, both dry bulk and container ship markets appeared to be bottoming out,” said Aristides Pittas, chairman and CEO of Euroseas, in a written statement. “We do not see any significant improvement in the near term as deliveries of new vessels are to continue at a high rate eclipsing any demand growth.”
“The current market information for supply and demand trends seems to indicate that in all likelihood a meaningful charter market recovery will have to wait the coming of 2014,” Pittas continued. “Our chartering strategy is focused on keeping our vessels employed ideally with charters of short duration so our vessels could take advantage of any market recovery.”
“On the investment front, the depressed charter market is starting to suggest that attractive investment opportunities for both sectors can be made as ship values appear to be bottoming out too,” Pittas added. “We continue to evaluate such opportunities and we intend to soon acquire additional vessels whilst possibly selling some of our older ships. During the first quarter, we invested our remaining capital commitment of $6.25 million in Euromar, our joint venture with two private equity firms.”