Sinon activez ce lien:
?code=9c8125c1efbb5ead09898213bc5d01fd&addr=worldshippingnews.abcd123%40blogger.com&
Euroseas Ltd. Reports Results for the Six-Month Period and Quarter Ended 30th June 2010
Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced yesterday its results for the three and six-month periods ended June 30, 2010. Aristides Pittas, Chairman and CEO of Euroseas, commented: “During the
first half of 2010 we saw a significant recovery of the containership
markets which has enabled us to re-activate one of our 2 laid-up
container vessels and renew expiring charters at slightly higher rates.
?We expect that the re-activation of our remaining laid-up containership
and the renewal of the rest of our containership contracts over the
remaining of 2010 and 2011 will allow our entire containership fleet to
start contributing again to our earnings in 2011. Our drybulk fleet is
fully covered for 2010 either via physical charters or via FFA contracts
and we have expected and seen little influence on our earnings from the
developments in the market. For 2011 we have 60% secured cover at
profitable rates.
“On the investment front, we have concluded — as
previously announced — our joint venture with two investment firms to
jointly pursue investment opportunities in shipping. I am happy to
report that with our partners, we have just purchased two 2000-built
2,500 teu containerships.
“In addition, as announced earlier, we have
purchased on our own and took delivery in June of an additional
containership, the 1998-built 2,008 teu, m/v Aggeliki P. We continue to
evaluate investment opportunities both in the containership and drybulk
markets and we look forward to continuing our investment program with
accretive opportunities.
“We consider all these quite positive
developments evidenced partly in a profitable second quarter. We are
optimistic for the medium and long term profitability of our company
although our third quarter earnings will be affected by a higher than
usual number of vessels due for drydocking. Reflecting on these positive
trends, our Board decided to increase our quarterly dividend to $0.06
per share — a 20% increase compared to last quarter — which represents
an annual yield of about 6.8% on the basis of our stock price on August
2, 2010.”
Tasos Aslidis, Chief Financial Officer of Euroseas,
commented: “The results of the second quarter of 2010 reflect the
strengthening of the containership market compared to the first quarter
of 2010 but also the lower level of the charter rates our fleet has
earned compared to the same period a year ago. Our results were
negatively influenced by realized losses in FFAs and interest rate swap
contracts and positively affected by net unrealized gains on our overall
derivative positions.
“Total daily vessel operating expenses,
including management fees, general and administrative expenses but
excluding drydocking costs, reflect a decrease of about 9.8% during the
second quarter of 2010 compared to the same quarter of last year and a
decrease of about 11.0% for the six month periods ended June 30, 2010
over the same period of 2009. As always, we want to emphasize that cost
control remains a key component of our strategy.
“As of June 30,
2010, our outstanding debt was $65.7 million versus restricted and
unrestricted cash of about $33.3 million not including $4.9 million held
as margin for our FFA contracts. As of the same date, our scheduled
debt repayments over the next 12 months amounted to about $13.8 million a
number low enough to provide us with significant operational cash flow
comfort. All our debt covenants were satisfied as of June 30, 2010.”
Second Quarter 2010 Results:
For
the second quarter of 2010, the Company reported total net revenues of
$13.7 million representing a 7.9% decrease over total net revenues of
$14.8 million during the second quarter of 2009. The Company reported
net income for the period of $0.5 million as compared to a loss of $5.4
million for the second quarter of 2009. The results for the second
quarter of 2010 include a $3.3 million net unrealized gain on
derivatives and trading securities and a $3.7 million net realized loss
on derivatives as compared to $6.3 million net unrealized loss and $0.8
million realized loss on derivatives and trading securities for the same
period of 2009.
Depreciation expenses for the second quarter of 2010
were $4.4 million compared to $4.8 million during the same period of
2009. On average, 15.11 vessels were owned and operated during the
second quarter of 2010 earning an average time charter equivalent rate
of $11,903 per day compared to 16 vessels in the same period of 2009
earning on average $13,062 per day. M/V Despina P, one of the Company’s
containerships, that was laid up since March 2009 was reactivated in
July 2010 and has entered in a time charter contract that commenced in
the first half of July 2010. A second containership of the Company, M/V
Jonathan P was laid-up throughout the second quarter of 2010.
Adjusted
EBITDA for the second quarter of 2010 was $5.0 million, a 26.7%
decrease from $6.8 million achieved during the second quarter of 2009.
Please see below for Adjusted EBITDA reconciliation to net income / loss
and cash flow provided by operating activities.
Basic and diluted
earnings per share for the second quarter of 2010 was $0.02, calculated
on 30,849,711 basic and 30,940,288 diluted weighted average number of
shares outstanding, compared to basic and diluted losses per share of
$0.18 for the second quarter of 2009, calculated on 30,575,611 weighted
average number of shares outstanding, respectively.
Excluding the
effect on the earnings for the quarter of the unrealized gain on
derivatives and the realized loss on derivatives, unrealized loss on
trading securities and amortization of the fair value of time charter
contracts acquired, the earnings per share for the quarter ended June
30, 2010 would have been $0.02 per share basic and diluted compared to
earnings of $0.05 per share for the quarter ended June 30, 2009.
Usually, security analysts do not include the above items in their
published estimates of earnings per share.
First Half 2010 Results:
For
the first half of 2010, the Company reported total net revenues of
$27.5 million representing a 8.9% decrease over total net revenues of
$30.2 million during the first half of 2009. The Company reported a net
loss for the period of $2.5 million as compared to net loss of $1.5
million for the first half of 2009. The results for the first half of
2010 include a $4.0 million net unrealized gain on derivatives and
trading securities and a $8.4 million net realized loss on derivatives
as compared to $4.5 million net unrealized loss and $0.6 million net
realized loss on derivatives and trading securities for the same period
of 2009.
Depreciation expenses for the first half of 2010 were $8.8
million compared to $9.3 million during the same period of 2009. On
average, 15.06 vessels were owned and operated during the first half of
2010 earning an average time charter equivalent rate of $12,152 per day
compared to 15.85 vessels in the same period of 2009 earning on average
$12,875 per day. Two of the Company’s vessels were laid up during the
entire first half of 2010, of which one was reactivated in July 2010.
Adjusted
EBITDA for the first half of 2010 was $10.0 million, a 22.3% decrease
from $12.8 million achieved during the first half of 2009. Please see
below for Adjusted EBITDA reconciliation to net income/loss and cash
flow provided by operating activities.
Basic and diluted loss per
share for the first half of 2010 was $0.08, calculated on 30,849,711
weighted average number of shares outstanding, compared to basic and
diluted loss per share of $0.05 basic and diluted per share for the
first half of 2009, calculated on 30,575,611 weighted average number of
shares outstanding basic and diluted.
Excluding the effect on the
earnings for the first half of 2010 of the unrealized gain on
derivatives, realized loss on derivatives, unrealized loss on trading
securities and amortization of the fair value of time charter contracts
acquired, the earnings per share for the six-month period ended June 30,
2010 would have been $0.03 per share basic and diluted compared to
earnings of $0.11 per share basic and diluted for the same period in
2009. Usually, security analysts do not include the above items in their
published estimates of earnings per share.
Source: Euroseas Ltd.
No comments:
Post a Comment