Euroseas Stock Price, News & Analysis

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.

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.