The company reporteda net loss of $2.2m for the three months ended 31 March 2014 against the lossof $4.6m seen a year earlier.
Revenueat the Aristides Pittas-led bulker and boxship owner was down just over 16% to$9.5m, while costs fell over 25% to $11m.
The greek shipowner was helped by drydockingexpenses falling 95% to $85,000, while depreciation was down by one-third to$2.8m.
Anaverage of 14 vessels were owned and operated during the first quarter of 2014earning an average time charter equivalent (TCE) rate of $7,969 per day.
“Duringthe first four months of 2014, the dry bulk market weakened whilst thecontainership market showed some signs of moving slightly up, away from itsall-time lows,” said Euroseas chief executive Aristides Pittas.
“Weexpect both markets to show a slow gradual improvement over the remaining of2014 and 2015 based on the expected demand and supply developments.
“Ourchartering strategy remains to pursue short term charters of 3-12 months inorder to retain the opportunity to take advantage of any rate increases.
“Overthe last six months, we embarked on an investment program for the drybulk partof our fleet by ordering or acquiring the contracts of four newbuilding vesselsand agreeing to acquire a second hand panamax vessel thus positioning Euroseasto take advantage of the expected recovery of the dry bulk market.
“We focused mainly on newbuilding contracts aswe believe that newbuilding prices have moved only modestly up as compared tosecondhand prices.”
