Euroseas reported a net loss of $8.9 million in the second quarter of 2013, compared with a net loss of $1.4 million in the second quarter of 2012.
Quarterly revenue for the Greek vessel operator and cargo transportation provider was $9.6 million, plummeting 25 percent from $12.8 million in the same period last year.
“The results of the second quarter of 2013 reflect the depressed level of the container ship and dry bulk markets compared to the same quarter of 2012, the lower commercial utilization rate of the vessels (both ships we sold were idle for quite some time prior to their sale) and the loss we incurred on the sale of MV Anking,” said Tasos Aslidis, CFO of Euroseas, in a written statement.
In the first half of 2013, the company posted a net loss of $13.5 million, versus a net loss of $10.4 million in the first half of 2012. From January to June, revenue declined 23 percent from $26.7 million in 2012 to $20.5 million in 2013.
“During the first half of 2013, the container ship market was quite volatile with periods and areas of low fixing activity being followed by times of higher fixing activity,” said Aristides Pittas, chairman and CEO of Euroseas. “The overall result has been a marginally improving market.”