Euroseas sees slight decline in profit
Euroseas Ltd., an owner and operator of dry bulk and container vessels, reported second quarter net profit of $6.4 million, down from $6.6 million in the same quarter of 2006.
Revenues rose to $16.3 million from $10.6 million in the prior-year period.
Earlier this month, the company took delivery of two handysize containerships, which it had agreed to acquire for $18.7 million each, in June.
The sister ships, built in 1990 in South Korea, have 1,932-TEU capacities. The vessels are employed on short-term charters until October, at a rate of about $17,000 per day.
In June Euroseas took delivery of a handysize container ship it had agreed to acquire in May, for $25.7 million. The 1,742-TEU vessel was built in Germany in 1992. It is employed under a period charter contract at a rate of $19,000 per day till April 2008.
The company now has a fleet of 13 ships: eight containerships, four dry bulkers, and one multipurpose ship.
Euroseas sees slight decline in profit
