Nasdaq-listed Euroseas is focusing on liquidity management as depressed markets led the company to lay up one containership.
The bulker and boxship owner reported a net loss of $4.6m in the third quarter, against red ink of $1.4m a year earlier.
Its revenue was down by 36% at $7.2m on the back of a time charter equivalent (TCE) of $7,737 per day.
Aristides Pittas, chairman and chief executive of Euroseas, said: “Both of the market segments we operate in continue being at depressed levels despite a modest recovery of charter rates.
“Containerhip rates remained depressed and the idle fleet is increasing.”
Euroseas has extended the employment of three boxships that were nearing charter expiration but the 1,732-teu Joanna (built 1999) has been laid up in Piraeus.
Pittas explained this decision is related to the cyclically slow season till the end of the Chinese New Year.
“Thus, our focus over the next 12 months is to manage our liquidity effectively until receiving our newbuilding deposits and exploit to the extent possible market opportunities to renew our fleet,” Pittas added.
