Euroseas has set its sights on fleet expansion after becoming the only listed pure-play feeder boxship owner since spinning off its bulkers into EuroDry last year.
The New York-listed owner a year ago placed all six dry bulk ships into the new company, which now has four panamaxes, two kamsarmaxes and an ultramax.
"On the investment front, we have strategically positioned Euroseas as the only publicly listed feeder containership company," chief executive Aristides Pittas said.
"As we have previously stated, we plan to use this public platform as a means of consolidation of other feeder fleets.
"At the same time, we are in the process of evaluating both investment and refinancing opportunities that we believe will further develop Euroseas into a larger and more attractive potential partner to access the public markets.”
Optimism amid red ink
Looking forward, Pittas said vessel demand should get a boost in the quarters ahead from scrubber drydockings and a very low orderbook.
"Subject to uncertainties related to the trade tensions between US and China that have recently taken again center stage, we expect to see an improving market for our ships," he said.
Euroseas lost $0.4m in the first quarter versus $1.88m a year ago as revenue gained 3% to $8m on the back of average charter rates that improved 8% to $9,088.
“The results of the first quarter of 2019 reflect the better charter rates in the market as compared to the same period of 2018. In addition to our net revenues which increased marginally," chief financial officer Tasos Aslidis said.
Euroseas had a $0.04 loss per share, missing Wall Street consensus of $0.01 loss per share.
