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International Cooperation Department
Tel.: (+86-21) 65853850-8034
Fax: (+86-21) 65373125
E-mail: ICDept@sisi-smu.org
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International Shipping |
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| Euroseas widens 2016 loss to US$1.7m, but sales rise 16.3pc to $40m |
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Date:2020-02-24 Readers:
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ATHENS-BASED short-sea operator Euroseas widened an annual net loss to US$1.7 million in 2019 from the $700,000
loss in 2018, despite last year's 16.3 per cent increase in revenue to
$40 million year on year.
Euroseas also widened it's 2019 fourth
quarter net loss to $900,000 from the $500,000 in 2018 despite last
year's 65.9 per cent increase $13.3 million year on year.
"The year was one of the lowest growth rates in the container trade," said Euroseas chairman and CEO Aristides Pittas.
"In January 2020, new uncertainties were introduced in the marketplace
by the coronavirus epidemic and its potential effects on world and
container trade growth," he said.
Mr Pittas said the fourth quarter of 2019 marked another quarter of
fleet expansion as we acquired four vessels on top of four vessels
acquired in the third quarter, resulting in a fleet of 19 units.
"The carrying capacity of our fleet almost doubled over the last six
months. Both of these transactions were examples of us using our public
listing as a platform of consolidation of additional fleets partly
paying for the acquisitions by issuing stock validating our growth
strategy.
"We are very optimistic for the medium term prospects of the market due
to the very low orderbook, the expected rebounding of the trade and the
further constraints of vessel availability placed by the installation of
scrubbers on a portion of the fleet to comply with the low sulphur
emission regulations.
Euroseas' strategy remains focused on exploiting its position as the
only publicly-listed feeder and small containership-focused company to
continue growing pursuing accretive opportunities via mergers or
combinations with privately owned vessels or fleets, said Mr Pittas.
Said chief financial officer Tasos Aslidis: "During the fourth quarter
of 2019, our vessels earned approximately 5.9 per cent higher time
charter equivalent rates compared to the fourth quarter of 2018.'
http://www.shippingazette.com/menu.asp?encode=eng
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