Euroseas Stock Price, News & Analysis

First Citizens Bank has provided a senior secured loan of $22 million to Euroseas for financing a new 2,800 TEU Eco containership. Euroseas, established in 2005 and trading on Nasdaq under ESEA, operates 22 container vessels, including 15 Feeder and 7 Intermediate containerships, with a total cargo capacity of 66,261 TEU. This investment aims to meet the growing demand for cargo transport and demonstrates Euroseas' commitment to reducing its carbon footprint. First Citizens' Maritime Finance team facilitated the financing, highlighting their expertise and support for Euroseas' expansion and decarbonization goals.

Euroseas (NASDAQ: ESEA) announced a time charter contract for its new 1,800 TEU feeder containership, M/V Pepi Star, currently under construction. The charter, at a daily rate of $24,250, will begin upon vessel delivery around July 19, 2024. The contract spans 23 to 25 months, potentially contributing $12.3 million to EBITDA for the minimum period. This rate shows a 10% increase over a similar recent charter, highlighting strengthening market rates. Euroseas' fleet now has 91% charter coverage for 2024.

Euroseas (NASDAQ: ESEA) announced a time charter contract for its new 1,800 teu feeder containership, M/V Stephania K, set to begin on June 28, 2024. The charter is for a minimum of 23 months to a maximum of 25 months, with a gross daily rate of $22,000. This contract is expected to generate about $11.0 million of EBITDA for the minimum period. The vessel's construction is financed through a combination of Euroseas' own funds and a $22.5 million loan from the National Bank of Fujairah. This charter improves upon rates and duration compared to recent fixtures, increasing Euroseas' 2024 charter coverage to 90%.

Euroseas (NASDAQ: ESEA) reported its financial results for Q1 2024, with total net revenues of $46.7 million, an 11% increase from $41.9 million in Q1 2023. Net income stood at $20.0 million, or $2.89 per share basic and $2.87 diluted. Adjusted net income was $18.5 million, and adjusted EBITDA was $24.6 million. The company operated an average of 19.6 vessels, up from 17.1 in the same period last year, earning an average time charter rate of $27,806 per day. A quarterly dividend of $0.60 per share was declared. Key financial metrics include bank debt of $148.6 million and cash reserves of $55.4 million as of March 31, 2024. Operationally, Euroseas saw increased fleet utilization and lower operating costs per vessel, despite higher total operating expenses due to fleet expansion.

Euroseas (NASDAQ: ESEA), a provider of seaborne transportation for containerized cargoes, announced the release date for its Q1 2024 financial results. The results will be published on May 23, 2024, before the market opens in New York. On the same day, at 10:00 a.m. Eastern Time, the company will host a conference call and webcast to discuss the results.

Participants can join the call using various toll-free and international numbers, or use the 'call me' option for a fast connection. A live and archived webcast with slides will be available on the company's website under Investor Relations.

Euroseas has secured a time charter contract for its newbuilding vessel, M/V Monica, for a minimum of 10 to a maximum of 12 months at a daily rate of $16,000, expected to commence in mid-May 2024. The acquisition was financed with a combination of own funds and a $22.5 million loan from the National Bank of Fujairah. The same financing is secured for the sister ship, M/V Stefania K, expected to be delivered in mid-June. This new charter is expected to contribute $2.7 million of EBITDA for the minimum contracted period, increasing 2024 charter coverage to over 85%. Euroseas aims to diversify debt financing sources and strengthen relationships with commercial shipping lenders worldwide.