Euroseas in loss

Euroseas, the Athens-based owner of bulkers and containerships reported a quarterly net loss of $3.74m. $0.07 loss per share hit the target of the average analyst prediction.
Euroseas saw its revenue grow to $9.95m in the third quarter, from $9m a year earlier. But its operating expense also grew, finishing the reporting period at $12.9m compared to $11.9m in the third quarter of 2013. Despite the continued red ink on the bottom line, chief executive officer Aristides Pittas said the company continues to evaluate investment opportunities after recently scoring 60% to 65% financing for the first two ships in its newbuilding programme.
Aristides Pittas said "During the third quarter, the containership and bulker sectors both remained weak during the quarter, except for small dry-bulk rebound in October. Clearly, the market weakness influenced our third quarter results”.