Euroseas Stock Price, News & Analysis

Euroseas Ltd. reported strong first-quarter 2022 results with total net revenues of $45.4 million, significantly up from $14.3 million in Q1 2021. Net income soared to $29.9 million, resulting in earnings per share of $4.15. The company announced a $20 million share repurchase program and declared a quarterly dividend of $0.50 per share. Euroseas is expanding its fleet with two ship acquisitions for $37 million and has initiated orders for two new eco-friendly vessels valued at $86 million, reinforcing its commitment to maximized shareholder returns.

Euroseas Ltd. (NASDAQ: ESEA) announced it will release financial results for Q1 2022 on May 23, 2022, after market close. A conference call to discuss these results will be held on May 24, 2022, at 9:30 a.m. ET. Interested participants can dial in at specified numbers and access an accompanying audio webcast on the company’s website. Euroseas operates a fleet of 18 container vessels with plans to expand to 27 vessels, significantly increasing cargo capacity, which currently stands at 58,871 TEU.

Euroseas Ltd. (NASDAQ: ESEA) announced new charters for two eco-friendly 2,800 teu feeder containerships, M/V GREGOS and M/V TERATAKI, both set to deliver in 2023. The charters last between 36 to 40 months at a gross daily rate of $48,000, expected to generate over $85 million in EBITDA. This raises charter coverage for 2023 to 76% and for 2024 to nearly 55%. The vessels are crucial for Euroseas' operational expansion and financial health, aiming to repay their construction costs within three years.

Euroseas Ltd. (NASDAQ:ESEA) has exercised its option to construct two additional eco-friendly containerships with a capacity of approximately 2,800 TEUs. The vessels will be built at Hyundai Mipo Dockyard in South Korea and are expected to be delivered in Q4 2024 at a total cost of $86 million, financed through debt and equity. Euroseas is also upgrading engines on its existing ships to Tier III standards to reduce NOx emissions, with an additional investment of $11 million. This expansion reinforces Euroseas' presence in the feeder containership sector and aligns with upcoming environmental regulations.

Euroseas Ltd. (NASDAQ: ESEA) announced the acquisition of two intermediate container vessels, M/V Seaspan Manila and M/V Seaspan Melbourne, for a combined price of $37 million. Both vessels, with capacities of 4,250 TEU, are expected to generate over $20 million in EBITDA through their existing charters until early 2025. M/V Seaspan Manila will deliver in July 2022, while M/V Seaspan Melbourne will deliver in June 2022. The company aims to strengthen its fleet with these low-risk acquisitions, bringing the total fleet to 18 vessels and continuing their newbuilding program of seven feeder containerships.

Euroseas Ltd. (NASDAQ:ESEA) announced a contract for three eco-design, fuel-efficient feeder containerships, scheduled for delivery in early 2024. Constructed at Hyundai Mipo Dockyard, the vessels represent a $102 million investment, expected to be financed through a mix of debt and equity. CEO Aristides Pittas emphasized the strategic importance of these newbuildings in enhancing Euroseas' fleet and contributing to industry decarbonization amid economic uncertainty. With these additions, the fleet will grow to 23 vessels with a capacity of 66,971 teu.

Euroseas Ltd. (NASDAQ: ESEA) announced a new time charter for its vessel M/V Aegean Express, effective April 2022, for a duration of 36 to 39 months at a rate of $41,000 per day. This contract enhances the company’s charter coverage to approximately 96% for 2022, 67% for 2023, and 45% for 2024. The charter is expected to generate over $32 million in EBITDA. The vessel is the oldest in its fleet and has a capacity of 1,439 TEU. Euroseas currently operates 16 vessels and anticipates expanding to 20 vessels with new deliveries planned through 2024.

Euroseas Ltd. (ESEA) reported strong financial results for Q4 2021, with total net revenues of $38.3 million, marking a 217.9% increase year-over-year. Net income reached $22.7 million, or $3.14 per share, compared to just $0.6 million in Q4 2020. For the full year, revenues totaled $93.9 million, reflecting a 76.2% increase, while net income amounted to $42.9 million, or $6.06 per share. The company also announced the construction of two new eco-friendly vessels, expected in late 2023 and early 2024, to strengthen its market presence amidst rising charter rates.

Euroseas Ltd. (NASDAQ: ESEA) will release its financial results for Q4 2021 on February 15, 2022, before the New York market opens. A conference call and webcast will be held on the same day at 10:30 a.m. ET to discuss these results. Participants can dial in or access the call via a webcast, with details available on the company's website. Euroseas operates a fleet of 16 container vessels, with plans to grow to 20 vessels, enhancing its capacity to approximately 61,571 TEU. Established in 2005, Euroseas has a long-standing history in the shipping industry.