Greek bulker and containership owner Euroseas has reduced its deficit in 2014 after suffering a big impairment hit in the prior year. Nasdaq-listed owner Euroseas said its net loss in the fourth quarter was $6.95m, down from $86.11m in the same period of 2013.
CEO Aristides Pittas said: "Rates in the containership sector and particularly in the feeder size where we operate remained stable but at low levels during the fourth quarter of 2014. Bulkers weakened further during the fourth quarter and Pittas expects a challenging and volatile market environment in 2015. Lower demand growth expectations and scheduled vessel deliveries could continue putting pressure on market rates. As our vessels are mainly employed through short term contracts and index linked charters, we should be able to make the most from an increase in freight rates when this materialises."