EUROSEAS
Reported quarterly net income of USD 15.3m
NOV, 13.2008
Euroseas Ltd., a Marshall Islands company of Pittas family interests’, listed on Nasdaq (Aristides Pittas, Chairman & CEO), announced for the 3rd Q of 2008 net income of USD 15.3m (+61.8%) or USD 0.50 per share basic and diluted on total net revenues of USD 35.5m (+65.3%).
An average of 16 vessels were operated during the 3rd Q of 2008 earning an average time charter equivalent rate of USD 25,951 per day.
The company declared a quarterly dividend of USD 0.20 per share payable on December 23, 2008 to shareholders of record on December 16, 2008.
For the 9 months of 2008 net income was USD 46.2m (+82.2%) on total net revenues of USD 102.7m (+103.2%. An average of 15.48 vessels were operated during the first 9 months of 2008 earning an average time charter equivalent rate of USD 25,868 per day.
The company declared quarterly dividends for the first, second and third quarters of 2008, aggregating USD 0.83 per share.
Euroseas operates in the dry cargo, drybulk and container shipping markets, employing its vessels on spot, period charters and through pool arrangements. Its operations are managed by Eurobulk Ltd., an ISO 9001:2000 certified affiliated ship management company. Euroseas. The Company has a fleet of 16 vessels, including 3 Panamax drybulk carriers, 2 Handysize drybulk carriers, 3 Intermediate container ship, 5 Handysize container ships, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas` 5 drybulk carriers have a total cargo capacity of 277,316 dwt, its 10 container ships have a cargo capacity of 17,877 teu and its 1 multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.
