Euroseas Stock Price, News & Analysis

Euroseas (NASDAQ: ESEA) has secured a new time charter contract for its 1,800 teu feeder containership, M/V Monica. The vessel will be chartered for a minimum period of 24 months to a maximum of 26 months at a gross daily rate of $23,500, commencing between late April to mid-May 2025.

The charter is expected to generate approximately $12.1 million in EBITDA over the minimum contracted period. This agreement increases Euroseas' charter coverage to about 94% for 2025 and 58% for 2026. The company's fleet currently consists of 22 container carriers on the water with a total capacity of 67,494 TEU, plus 2 vessels under construction scheduled for delivery in Q4 2027.

Euroseas (NASDAQ: ESEA) has announced two significant developments: a charter contract extension and a corporate spin-off. The company has secured a 35-37 month extension for its 4,250 teu vessel M/V Rena P at a daily rate of $35,500, starting August 21, 2025. This charter is expected to generate approximately $29.0 million in EBITDA over the minimum contracted period.

Additionally, Euroseas has completed the spin-off of three subsidiaries into EuroHoldings (NASDAQ: EHLD). The new entity includes two older vessels (M/V Aegean Express and M/V Joanna) and proceeds from the previous sale of M/V Diamantis P. The spin-off became effective March 18, 2025, with EuroHoldings operating independently and focusing on investing in older vessels across various maritime sectors.

The charter extension increases Euroseas' coverage to approximately 88% for 2025 and 54% for 2026.

Euroseas (NASDAQ: ESEA) has announced key dates for the spin-off of its subsidiary Euroholdings The registration statement is expected to be effective around March 6, 2025, with Euroholdings approved for NASDAQ Capital Market listing under symbol 'EHLD'.

Shareholders of record as of March 7, 2025, will receive one Euroholdings share for every 2.5 Euroseas shares on the Distribution Date of March 17, 2025. Post spin-off, Euroseas will maintain its fleet of 22 feeder and intermediate-size container vessels, while Euroholdings will independently operate two elder vessels.

The strategic separation aims to enable distinct investment strategies and shareholder distributions. Euroseas will focus on younger vessels with lower environmental impact, investing in retrofits and fuel-efficient containerships. Euroholdings will manage older vessels and explore opportunities in other maritime sectors.

Euroseas (NASDAQ: ESEA) reported strong financial results for Q4 and full year 2024. Q4 highlights include total net revenues of $53.3 million and net income of $24.4 million ($3.51 EPS). The company operated an average of 23 vessels earning $26,479 per day.

Full year 2024 delivered total net revenues of $212.9 million and net income of $112.8 million ($16.25 EPS). The company declared a quarterly dividend of $0.65 per share and has repurchased 425,449 shares (6% of outstanding) for $9.24 million.

Recent developments include the planned spin-off of three older vessels into Euroholdings , delivery of two new eco-friendly 2,800 TEU vessels with $32,000/day charter rates, and the sale of M/V Diamantis P for $13.15 million with a $10.2 million gain.

Euroseas (NASDAQ: ESEA), a container carrier vessel operator providing seaborne transportation for containerized cargoes, has scheduled the release of its Q4 2024 financial results for February 27, 2025, before the New York market opens.

The company will host a conference call and webcast on the same day at 8:00 a.m. Eastern Time. Participants can join via US Toll-Free (877 405 1226) or International Dial-In (+1 201 689 7823) numbers, using conference ID 13751954. A 'call me' option is available for faster connection.

The presentation will be available through a live webcast on the company's website, with slides accessible in PDF format prior to the call. The webcast will be archived for future reference on Euroseas' investor relations page.

Euroseas (NASDAQ: ESEA) has announced a new time charter contract extension for its 1,740 teu feeder containership, M/V EM Hydra. The vessel will be chartered for 24-26 months at a gross daily rate of $19,000, starting from May 1, 2025, in direct continuation of its current charter.

The charter is expected to generate approximately $7.3 million in EBITDA over the minimum contracted period. This agreement increases Euroseas' charter coverage to about 85% for 2025 and 50% for 2026. According to CEO Aristides Pittas, despite the potential reopening of Red Sea routes, the charter market for feeder containerships remains resilient, with vessel availability supporting strong periods and rates.

Euroseas (NASDAQ: ESEA) has secured new 3-year time charter contracts for two of its 4,253 teu intermediate containerships. The vessels, M/V Synergy Antwerp and M/V Synergy Keelung, will be chartered at a gross daily rate of $35,500 for 36-39 months, starting in May and June 2025 respectively.

The contracts are expected to generate approximately $57 million in EBITDA over the minimum contracted period, increasing Euroseas' 2025 charter coverage to 82% and 2026 coverage to 45%. Additionally, the company has agreed to share costs with the charterer to retrofit M/V Synergy Keelung with energy saving devices (ESDs).

The company highlights strong demand for feeder and intermediate size vessels, noting charterers' willingness to secure tonnage in advance due to orderbook and aging fleet concerns.