Euroseas Reports Q4 Loss

Pic: Euroseas Ltd

By Aiswarya Lakshmi

Euroseas Ltd., an owner and operator of drybulk and
container carrier vessels and provider of seaborne transportation
for drybulk and containerized cargoes, reported a total net
revenues of $7.3 million for the three month period ended
December 31, 2016.

Net loss attributable to common shareholders of $18.1 million or
$2.17 loss per share basic and diluted.

This loss includes, amongst other items, a $0.4 million of
dividend on Series B Preferred Shares, a $5.9 million loss on
write-down of M/V Eleni which was held for sale, $3.8 million
loss on expected termination of our Kamsarmax newbuilding
contract and a $4.7 million impairment loss.

Total net revenues of $28.4 million for the full year ended
December 31, 2016. Net loss attributable to common shareholders
of $45.9 million or $5.63 loss per share basic and diluted.

This loss includes, among other items, a $1.7 million of dividend
on Series B Preferred Shares, a $5.9 million loss on write-down
of M/V Eleni which was held for sale, $7.1 million loss on
termination of our Ultramax newbuilding contracts and on expected
termination of our Kamsarmax newbuilding contract and a $18.7
million impairment loss in our Euromar investments.

Feb 16, 2017

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