Euroseas Stock Price, News & Analysis

Euroseas Ltd. (NASDAQ:ESEA) has announced a contract for two new Eco design fuel-efficient containerships, each with a carrying capacity of approximately 2,800 teu. Scheduled for delivery in Q4 2023 and Q1 2024, the total cost is around $85 million, financed through debt and equity. These vessels will enhance Euroseas' fleet, which includes a current total of 16 vessels, increasing to 20 upon delivery. The company remains optimistic about the container shipping market and aims for sustainable operations while expanding its presence in the feeder sector.

Euroseas Ltd. (NASDAQ: ESEA) announced a new charter for its container vessel M/V 'EM Astoria', which will be effective from February 2022. The charter lasts between 36 to 38 months, with a daily rate of $65,000 for the first year, $50,000 for the second, and $20,000 for the final period, leading to an average daily rate of $45,000. This charter is expected to generate at least $47 million in contracted revenues and an EBITDA contribution of over $36 million over three years. The company's charter coverage for 2022 will be approximately 92%.

Euroseas Ltd. (NASDAQ: ESEA) will participate in Capital Link’s Corporate Presentations Webinar Series on January 13, 2022, at 11:00 am EST. The senior management team will discuss the company's operations, growth prospects, and container sector outlook. Interested parties can register for the webinar via the provided link. After the presentation, a live Q&A session will allow participants to submit questions. Euroseas operates a fleet of 16 vessels with a total cargo capacity of 50,371 TEU, expected to expand to 18 vessels with 55,971 TEU capacity in 2023.

Euroseas Ltd. (NASDAQ: ESEA) announced the extension of its charters for M/V 'Evridiki G' and M/V 'EM Corfu,' securing a minimum of $85 million in contracted revenues. Both vessels will be chartered at $40,000 per day for 36 to 38 months starting in February 2022. This move is expected to enhance Euroseas' profitability with an annualized EBITDA contribution exceeding $22.3 million, significantly higher than the $3 million combined contribution from the previous year. The charters bolster cash flow visibility, with charter coverage for 2022 above 85% and 55% for 2023.

Euroseas Ltd. (NASDAQ: ESEA) announced two time charter contracts for its vessel M/V “Synergy Oakland” built in 2009. The first contract is for 2-3 months at $130,000 daily, starting between January 5-25, 2022. Following that, a long-term contract of 48-51 months at $42,000 daily begins by April 15, 2022. CEO Aristides Pittas expects these charters to contribute approximately $11.5 million EBITDA in Q1 2022 and $12 million annually for four years, totaling $57 million. The company's fleet will consist of 16 vessels after the new charters.

Euroseas Ltd. (NASDAQ: ESEA) announced its financial results for Q3 and the first nine months of 2021, reporting total net revenues of $23.0 million for Q3, up 86.9% from $12.3 million in Q3 2020. Net income for the quarter was $8.5 million, or $1.18 per share. For the nine months, revenues reached $55.6 million, a 34.8% increase year-over-year. Key factors driving growth include higher average charter rates and strategic vessel acquisitions like M/V Leo Paramount. The company also reported adjusted EBITDA of $10.6 million for Q3, indicating solid operational efficiency.

Euroseas Ltd. (NASDAQ: ESEA) announced the acquisition of M/V Leo Paramount, a 6,350 TEU container vessel built in 2005, for $40 million. The acquisition, expected to be completed within 2021, will be financed through internal funds and a bank loan. M/V Leo Paramount will enter a three-year time charter at a daily rate of $42,200, with an option for a fourth year at $15,000 per day. This investment is projected to generate about $35 million in EBITDA over the initial charter period, reinforcing Euroseas' position in the container shipping sector.

Euroseas Ltd. (NASDAQ: ESEA) will release its financial results for Q3 ending September 30, 2021, on November 16, 2021, before the market opens. Following the release, at 10:00 a.m. ET, management will host a conference call and webcast to discuss the results. Participants can dial in using designated phone numbers, quoting "Euroseas" to the operator. An archived audio webcast will also be available on the company’s website. Euroseas operates a fleet of 15 containerships, which will expand to 17 vessels after the delivery of two newbuildings in 2023.