Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period ended March 31, 2018.
First Quarter 2018 Financial Highlights:
Total net revenues of $12.9 million. Net loss of $3.2 million; net loss attributable to common shareholders (after a $0.5 million of dividend on Series B Preferred Shares) of $3.7 million or $0.33 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $3.8 million or $0.34 loss per share basic and diluted.
Adjusted EBITDA1 was $(0.2) million.
An average of 17.0 vessels were owned and operated during the first quarter of 2018 earning an average time charter equivalent rate of $9,167 per day.
The Company declared its seventeenth dividend of $0.5 million on its Series B Preferred shares; the dividend was paid in-kind by issuing additional Series B Preferred Shares.
On May 7, 2018, the Company took delivery of newbuilding M/V Ekaterini, a 82,000 dwt drybulk vessel. As previously announced, the vessel entered into a two-year charter immediately after its delivery at a rate of $13,000 per day. The Company also reported that its containership, M/V EM Astoria, suffered propeller damage and will require repairs that will prevent the vessel from trading. The Company is making every possible effort for the vessel to resume trading in the shortest possible time.
