HONG KONG: 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, 2015.
Third Quarter 2015 Highlights:
Total net revenues of $11.3 million. Net loss of $1.39 million; net loss attributable to common shareholders (after a $0.4 million dividend on Series B Preferred Shares) of $1.8 million or $0.292 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $0.262 per share basic and diluted.
Adjusted EBITDA1 was $2.0 million.
An average of 15.0 vessels were owned and operated during the third quarter of 2015 earning an average time charter equivalent rate of $8,929 per day.
The Company declared its seventh dividend of $0.4 million on its Series B Preferred Shares; the dividend was paid in-kind by issuing additional Series B Preferred Shares.
On October 16, 2015 the Company announced the sale of M/V Tiger Bridge (a 2,228 TEU Container vessel, built in 1990) to an unaffiliated third party for recycling. The vessel was delivered in early November 2015. The Company expects to record a gain on the sale of the vessel.
