Euroseas Stock Price, News & Analysis

Euroseas (NASDAQ: ESEA) has announced two significant developments: First, the extension of a charter for its vessel M/V Aegean Express for 10-12 months at $16,700 per day. Second, the company plans to spin-off its three oldest vessels (M/V Aegean Express, M/V Diamantis P, and M/V Joanna) into a new company called Euroholdings , which has applied for NASDAQ listing.

The spin-off vessels represent approximately 5% of Euroseas' NAV. Euroholdings will operate with an unlevered fleet, with two of the three vessels under time charter employment. The new company will be managed by Eurobulk Meanwhile, Euroseas will continue its fleet modernization strategy, having ordered 11 newbuilding vessels, with seven already delivered in 2023-2024, two scheduled for early January 2025, and two more in 2027.

Euroseas reported strong Q3 2024 financial results with total net revenues of $54.1 million and net income of $27.6 million ($3.97 per share). The company declared a quarterly dividend of $0.60 per share, payable December 17, 2024. Key highlights include an average time charter rate of $26,446 per day across 23 vessels, and adjusted EBITDA of $36.1 million. The company ordered two new fuel-efficient 4,300 TEU containerships for $60 million each, with delivery scheduled for Q4 2027. Through November 2024, Euroseas repurchased 414,367 shares for $8.8 million under its $20 million share repurchase program.

Euroseas (NASDAQ: ESEA), a container carrier vessel operator, announced it will release its Q3 2024 financial results on Wednesday, November 20, 2024, after market close in New York. The company will host a conference call and webcast to discuss the results on Thursday, November 21, 2024, at 8:30 a.m. Eastern Time. Participants can join via phone using US Toll-Free (877 405 1226) or International numbers (+1 201 689 7823), or through a webcast available on the company's website. Presentation slides will be accessible in PDF format prior to the conference call.

Euroseas (NASDAQ: ESEA) has secured new time charter contract extensions for two of its 2,556 teu feeder containerships. EM Corfu has been chartered for 18-20 months at $28,000 per day, while Evridiki G has been fixed for 14-16 months at $29,500 per day. Both charters will begin around February 2025. The contracts are expected to contribute approximately $20 million in EBITDA and increase the company's charter coverage to over 70% for 2025 and about 35% for 2026.

Euroseas (NASDAQ: ESEA) has announced new 3-year charter contracts for three of its eco-friendly 2,800 teu feeder containerships. The charters, set at a gross rate of $32,000 per day, cover:

1. M/V Tender Soul: Starting early December 2024
2. M/V Dear Panel: Upon delivery in early January 2025
3. M/V Symeon P: Upon delivery in early January 2025

These contracts are expected to contribute about $79 million of EBITDA for the minimum contracted period. The deal increases Euroseas' 2025 charter coverage to 63% and 2026 coverage to 31%. CEO Aristides Pittas highlighted the charterers' interest in eco-friendly vessels and their long-term view on market resilience, particularly in the feeder containership segment.

Euroseas (NASDAQ: ESEA), a container carrier vessel owner and operator, has announced a new time charter contract for its 1,732 teu feeder containership, M/V Jonathan P. The contract is for a minimum of 11 months and a maximum of 13 months, at the charterer's option, with a gross daily rate of $20,000. The charter will begin after the ship's scheduled intermediate survey, expected around mid-to-end of October 2024.

CEO Aristides Pittas highlighted that this charter demonstrates the ongoing demand for feeder ships despite declining container freight rates. The contract is expected to contribute about $4.0 million of EBITDA for the minimum contracted period. It also increases Euroseas' 2024 charter coverage to about 96% and 2025 charter coverage to about 52%.

Euroseas (NASDAQ: ESEA) has announced a new time charter contract for its 4,250 teu intermediate containership, M/V Synergy Busan. The contract is for a minimum period of 36 months to a maximum of 38 months, at the charterer's option, with a gross daily rate of $35,500. The new charter will commence in early December 2024, directly following the current charter.

Aristides Pittas, Chairman and CEO of Euroseas, highlighted that this fixture demonstrates a strong increase compared to previous rates, indicating a pickup in market activity and firm charter market terms. The charter is expected to contribute over $29 million in EBITDA for the minimum contracted period. This agreement increases Euroseas' 2024 charter coverage to about 95% and 2025 charter coverage to about 50%.

Euroseas (NASDAQ: ESEA), a container carrier vessel owner and operator, has announced its participation in Noble Capital Markets' Basic Industries Emerging Growth Virtual Equity Conference. Dr. Tasos Aslidis, the company's CFO, will present on September 25, 2024, at 3:00pm EDT.

The presentation will feature a fireside-style Q&A session, with questions welcome from the virtual audience. One-on-one meetings with Dr. Aslidis and other company executives are available for registered, qualified investor attendees.

The event is free to attend, and interested parties can register online. A video webcast of the presentation will be available on Euroseas' website and Channelchek.com for 90 days following the event.

Euroseas (NASDAQ: ESEA) reported results for the quarter and six-month period ending June 30, 2024. In Q2 2024, the company achieved total net revenues of $58.7 million and net income of $40.7 million, translating to earnings per share of $5.89 basic and $5.84 diluted. Adjusted net income was $34.3 million, with adjusted EBITDA at $42.3 million. An average of 21.26 vessels operated in this period, earning an average time charter equivalent rate of $31,639 per day.

During the first half of 2024, Euroseas reported total net revenues of $105.4 million and net income of $60.8 million, with earnings per share of $8.77 basic and $8.71 diluted. The company declared a quarterly dividend of $0.60 per share and repurchased 400,705 shares for $8.2 million.

Euroseas took delivery of its seventh newbuilding, M/V “Pepi Star,” which is EEDI Phase 3 compliant. The company has expanded its fleet and secured favorable charter rates. Operational efficiency improved, with a decrease in vessel operating costs and general administrative expenses compared to the previous year.