Euroseas Stock Price, News & Analysis

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.

Euroseas (NASDAQ: ESEA), a container carrier vessel owner and operator, has announced the release date for its second quarter 2024 financial results. The company will publish its results on August 6, 2024, before the New York market opens. Following this, Euroseas management will host a conference call and webcast at 10:00 a.m. Eastern Time on the same day to discuss the results.

Participants can join the conference call by dialing 877 405 1226 (US Toll-Free) or +1 201 689 7823 (US and International). The conference ID is 13748264. An audio webcast and accompanying slides will be available on the company's website, www.euroseas.gr. The slide presentation will be accessible in PDF format prior to the call.

Euroseas (NASDAQ: ESEA) has secured an 18-month charter contract for its 1,740 TEU feeder containership, EM Spetses. The charter will commence in early August 2024 at a gross daily rate of $18,100. This new contract is expected to contribute approximately $5.5 million in EBITDA for the minimum contracted period.

The company's CEO, Aristides Pittas, noted that this fixture demonstrates the firmness of the market, with strong underlying demand fundamentals. The new charter increases Euroseas' 2024 charter coverage to 94% and 2025 charter coverage to about 44%. Euroseas currently operates a fleet of 23 container vessels with a total capacity of 67,073 TEU, which will increase to 25 vessels and 72,673 TEU after the delivery of two newbuildings in 2024.

Euroseas (NASDAQ: ESEA) has announced multiple operational developments. The highlight is a two-year time charter contract for its 1999-built feeder containership, M/V Joanna, with a daily rate of $16,500. This charter will commence post-drydock in October 2024. Additionally, Euroseas received M/V Stephania K, a new fuel-efficient feeder containership from Hyundai Mipo Dockyard, which has begun a 23-25 month charter at $22,000/day. The company also reported the sale of M/V EM Astoria for $10 million, yielding a $5.5 million gain and contributing to total earnings of $42.8 million since 2017. Euroseas released its 2023 ESG report, detailing its sustainability efforts and achievements.