Euroseas SEC Filings

Euroseas Ltd. filed an amended Form 6-K/A to correct an administrative error. The company states the amendment makes no changes to the previously provided Management’s Discussion and Analysis and unaudited interim condensed consolidated financial statements for the six‑month period ended June 30, 2025, or to the related interactive data file.

Euroseas Ltd. (ESEA) reported stronger first‑half results. For the six months ended June 30, 2025, time charter revenue reached $116.8 million, up from $108.6 million, and net income was $66.8 million with basic EPS of $9.63. Operating cash flow rose to $68.5 million.

The fleet expanded to an average of 22.83 vessels with utilization of 99.6% and an average TCE of $28,468/day. The company booked a $10.2 million gain from the sale of M/V Diamantis and agreed to sell M/V Marcos V for $50.0 million, completed on October 20, 2025. Cash, cash equivalents and restricted cash totaled $112.7 million at period end; total debt outstanding was $229.4 million.

Euroseas took delivery of two eco‑design newbuilds and, on July 29, 2025, contracted two additional 4,300 TEU vessels for $118.5 million. Previously contracted $120.5 million of two newbuilds had $102.4 million remaining payable. The company declared dividends of $0.65 per share in each of February and June 2025 and repurchased 40,925 shares for about $1.3 million. Future gross minimum time charter revenues totaled $393.2 million as of June 30, 2025. A spin‑off of three vessels to Euroholdings Ltd. distributed net assets of $17.33 million.

Euroseas Ltd. (ESEA) reported strong first-half 2025 results. Time charter revenue rose to $116.8 million as the fleet expanded to an average of 22.83 vessels, while average TCE was $28,468 per day. Operating income reached $73.9 million, aided by a $10.2 million gain on the sale of M/V “Diamantis.” Net income was $66.8 million, equal to basic EPS of $9.63. Operating cash flow increased to $68.5 million.

Liquidity improved: total cash and restricted cash were $112.7 million at June 30, 2025. Total assets were $662.1 million and shareholders’ equity was $403.0 million. Long-term debt outstanding was $229.4 million, with $21.2 million due in the next twelve months. The company declared two $0.65 dividends per share and repurchased 40,925 shares for about $1.3 million. Backlog remained sizable with $393.2 million of future minimum charter revenues. Strategic actions included two newbuilds delivered in January, plans to sell M/V “Marcos V” for $50.0 million (deposit of $5.0 million received), and two additional 4,300 TEU newbuild contracts signed on July 29, 2025 for approximately $118.5 million.

Euroseas Ltd. announced a new time charter for its 2006-built 1,740 TEU feeder containership M/V Jonathan P for a minimum 11-month to maximum 12-month term starting November 17, 2025, at a gross daily rate of $25,000, a $5,000/day increase versus the vessel's prior rate. The contract is expected to contribute about $5.65 million of EBITDA over the minimum contracted period and raises the company’s charter coverage to 100% for the remainder of 2025 and roughly 70% for 2026. Euroseas currently reports a 22-vessel fleet (15 Feeder and 7 Intermediate containerships) with combined capacity of 67,494 TEU; after the planned sale of M/V Marcos V and delivery of four intermediate newbuildings in 2027–2028 the fleet would total 25 vessels and 78,344 TEU. The release reiterates standard forward-looking statement cautions about risks and uncertainties.

Euroseas Ltd. ordered two additional 4,300 TEU eco intermediate containerships to be built at Jiangsu New Yangzi Shipbuilding in China for approximately $59.25 million each. The vessels are scheduled for delivery in March and May 2028 and will be financed with a combination of debt and equity. The company said these two ships are sisterships to vessels ordered in October 2024 and called the segment attractive due to a low orderbook and an ageing fleet. Euroseas reports a current fleet of 22 vessels (67,494 TEU) and expects the fleet to grow to 25 vessels (78,344 TEU) after the sale of M/V Marcos V and delivery of four intermediate newbuildings in 2027–2028. The release lists a TCE rate of $38,000/day for container carriers and includes standard forward-looking disclaimers.

Euroseas Ltd. (ESEA) Form 144 notice reports a proposed sale of 9,300 shares of common stock through La Salle St. Securities on NASDAQ, with an aggregate market value of $550,000 and approximately 7,006,612 shares outstanding. The filer indicates the shares were acquired through incentive stock awards awarded on 07/01/2023 (3,650 shares), 11/16/2023 (2,750 shares) and 07/01/2024 (2,900 shares). The filing also discloses a recent sale on 08/13/2025 of 850 shares for $47,217.50. The notice includes the standard representation that the seller is not aware of undisclosed material adverse information.

Euroseas Ltd. reported results for the quarter and six months ended June 30, 2025 showing continued profitability and strong cash generation. For Q2 2025 the company recorded $57.2 million of net revenues and $29.9 million of net income, or $4.32 basic EPS (Adjusted EPS $4.23). Adjusted EBITDA for the quarter was $39.3 million and the average TCE was $29,420/day across 22 vessels.

For the first half of 2025 net revenues were $113.6 million, net income $66.8 million ($9.63 basic EPS) and Adjusted EBITDA $76.4 million. The company declared a quarterly dividend of $0.70 per share, repurchased 463,074 shares for about $10.5 million under its $20 million program, and reported $112.7 million of cash versus $229.4 million of outstanding debt as of June 30, 2025. Fleet utilization remained ~99.9% and the fleet consisted of 22 vessels (67,494 TEU) with two newbuilds due Q4 2027.