Euroseas Stock Price, News & Analysis

Euroseas Ltd. (NASDAQ: ESEA), a container carrier operator, announced that CFO Dr. Tasos Aslidis will present at the Inaugural Emerging Growth Virtual Conference from March 17-19, 2021. The event features discussions with executives and live presentations. Dr. Aslidis will also join a panel discussion on March 18, 2021, at 10:00 am EDT. This opportunity allows Euroseas to engage more with investors and industry peers. For more information and to attend, visit the M-Vest conference link provided.

Euroseas Ltd. (NASDAQ: ESEA) reported its Q4 and full-year 2020 results, revealing total net revenues of $53.3 million, a 33.2% increase from 2019. The company's net income was $4.0 million, or $0.58 per share, compared to a net loss of $1.7 million in 2019. The fourth quarter showed net revenues of $12.0 million, with net income of $0.6 million. The average daily time charter equivalent rate rose to $9,445 per day. Euroseas redeemed 2,000 Preferred Shares in January 2021 and noted improvements in charter rates, indicating positive medium-term market prospects amidst COVID-19 challenges.

Euroseas Ltd. (NASDAQ: ESEA) will announce its fourth quarter financial results for 2020 on February 24, 2021, post-market closure. A subsequent conference call is scheduled for February 25, 2021, at 9:00 a.m. ET, where management will discuss these results. Participants can join by dialing the provided numbers or through an audio webcast on Euroseas’ website. The company, established in 2005, operates a fleet of 14 container vessels with a total cargo capacity of 42,281 TEU, focusing on spot and period charters.

Euroseas Ltd. (NASDAQ: ESEA) announced that Chief Financial Officer Tasos Aslidis will present at Noble Capital Markets’ Seventeenth Annual Investor Virtual Conference on January 20, 2021, at 5:15 pm EST. A high-definition video webcast of the presentation will be available on the company's website the day after the event. Euroseas operates a fleet of 14 container vessels, including feeder and intermediate carriers, with a total cargo capacity of 42,281 TEU. The company emphasizes its commitment to the container shipping market and strategic growth plans.

Euroseas Ltd. (NASDAQ: ESEA) announced the extension of the charter for its container vessel M/V “Synergy Antwerp,” built in 2008, for 32 to 35 months at a daily rate of $18,000 starting January 1, 2021. This charter, expected to generate approximately $3.8 million in EBITDA annually, totals over $10 million for its duration. The extension reflects a strong market for container carriers. Euroseas anticipates significant profitability growth as seven vessels have expiring charters in early 2021, with potential for increased dividend payments to shareholders.

Euroseas Ltd. (NASDAQ: ESEA) announced the extension and new time charter contracts for three container vessels. M/V “EM Astoria” will be chartered at $18,650/day for 12-14 months starting December 15, 2020. M/V “Evridiki G” will be at $15,500/day for 12-13 months from December 5, 2020, while M/V “Aegean Express” will be at $11,500/day for 15-16 months beginning December 27, 2020. Additionally, an affiliate of the CEO converted a $1.875 million loan into 702,247 shares. These charters are expected to generate $7.5 million in EBITDA for 2021, significantly higher than last year.

Euroseas Ltd. (NASDAQ: ESEA) reported its Q3 2020 results, revealing net revenues of $12.3 million, a 19.7% increase from Q3 2019. Net income reached $0.2 million, while net income attributable to common shareholders was $0.03 million. The average time charter equivalent rate decreased to $8,403 per day. For the first nine months of 2020, total net revenues stood at $41.3 million, a 54.5% rise year-over-year. Operating expenses rose largely due to increased crewing costs from COVID-19 restrictions. The company remains optimistic about future charter rate developments.

Euroseas Ltd. (NASDAQ: ESEA) announced the extension of a time charter for its container vessel, C/V 'Akinada Bridge', for 12 to 13 months at a daily rate of $17,250, starting October 30, 2020. Additionally, the C/V 'Synergy Oakland' charter was extended for 8-12 months, with rates tied to the Contex-4,250 index, currently at $15,369. Euroseas also sold the C/V 'Ninos' for approximately $2.36 million, reducing its fleet to 15 vessels with a total capacity of 44,787 teu. The company expresses cautious optimism about the containership market amid economic uncertainties.

Euroseas Ltd. (NASDAQ: ESEA) reported robust financial performance for Q2 2020, with net revenues of $13.5 million, a 67.2% increase year-over-year, and net income of $1.3 million compared to a net loss of $0.7 million in Q2 2019. The company operated an average of 19 vessels, significantly up from 11 vessels in the same quarter last year. Adjusted EBITDA soared to $4.4 million from $1.6 million. Despite challenges from the pandemic, Euroseas projects a recovering charter market. The company also deferred loan repayments totaling $4.7 million to maintain liquidity.