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Euroseas Ltd. reported strong profitability for the quarter ended June 30, 2026, with net revenues of $56.5 million (down 1.2% year over year) and net income attributable to controlling shareholders of $33.2 million, or $4.77 basic EPS. Adjusted net income was $32.9 million and Adjusted EBITDA $40.1 million, reflecting robust operations on an average fleet of 21 vessels earning a time charter equivalent rate of $30,306 per day and achieving 99.9% fleet utilization.
For the first half of 2026, net revenues were $112.3 million and net income attributable to controlling shareholders was $65.7 million, with Adjusted net income $65.8 million and Adjusted EBITDA $81.0 million. Adjusted basic earnings per share rose to $9.45 from $7.99 a year earlier. The board declared a $0.80 per share quarterly dividend, payable September 16, 2026. As of August 13, 2026, the company had repurchased 480,460 shares, about 6.8% of outstanding, for roughly $11.36 million. Cash and investments totaled $196.2 million against total debt of $205.5 million, while advances for a 12-vessel newbuilding program reached $73.9 million.
Euroseas Ltd., a foreign private issuer, furnished a report to the SEC for July 2026 that attaches a press release titled “Euroseas Ltd. Announces the Results of Its 2026 Annual General Meeting of Shareholders.” The report, including the press release, is incorporated by reference into the company’s existing Form F-3 registration statement (File No. 333-268708).
Euroseas Ltd. has scheduled its 2026 Annual Meeting of Shareholders for July 23, 2026 at 11:00 a.m. in Washington, DC. Shareholders of record at the close of business on June 16, 2026, when 7,055,381 common shares were outstanding, are entitled to vote.
Investors will vote on re-electing three Class A directors — Aristides J. Pittas, Anastasios Aslidis and Aristides P. Pittas — to terms ending at the 2029 annual meeting, and on approving Deloitte Certified Public Accountants, S.A. as independent auditors for the fiscal year ending December 31, 2026.
The proxy statement, 2025 annual report on Form 20-F and related materials are available on Euroseas’ website, with hard copies offered free on request. The company also highlights its container shipping fleet of 21 vessels and plans to expand to 33 vessels between 2027 and 2029.
Euroseas Ltd. reported that it has ordered two additional modern, fuel-efficient, gearless 1,800 TEU feeder containerships from Nantong CIMC Sinopacific Offshore & Engineering in China. Each vessel costs about $32.26 million and will be financed with a mix of debt and equity, with deliveries scheduled for December 2028 and March 2029.
The company highlights these ships as sister vessels to two similar units ordered in April 2026, aligning with its strategy of disciplined fleet modernization. Euroseas currently operates a fleet of 21 containerships with total capacity of 61,144 TEU, and has 12 additional vessels under construction. After delivery of four intermediate and eight feeder newbuildings between 2027 and 2029, the fleet is expected to grow to 33 vessels with 97,396 TEU of carrying capacity, increasing its exposure to the tight feeder and sub-6,000 TEU market segment.
EUROSEAS LTD. director Aristeidis P. Pittas reported an indirect open-market purchase of common stock through Family United Navigation Co. The entity bought a total of 500 shares at a price of $67.1805 per share, bringing its reported holdings to 58,050 shares. Pittas and his spouse each own a 25% interest in Family United Navigation Co. and disclaim beneficial ownership beyond their respective pecuniary interests.
Euroseas Ltd. agreed 2-year extensions of the time charters for its 2024-built 1,800 TEU feeder containerships M/V Stephania K and M/V Pepi Star at a gross daily rate of $25,500. The new periods run for a minimum of 24 to a maximum of 26 months, starting in late July and August 2026 in direct continuation of existing contracts.
The company expects these charters to generate approximately $27 million of EBITDA over the minimum contracted period for both vessels and to raise charter coverage to about 96% for 2026, 86% for 2027, and 48% for 2028. Euroseas currently operates 21 containerships with total capacity of 61,144 TEU and has 10 newbuildings scheduled for delivery between 2027 and 2029, which would expand its fleet to 31 vessels with 93,834 TEU of capacity.
Euroseas Ltd. reported a strong first quarter of 2026, generating net revenues of $55.8 million and net income of $32.5 million, compared with $56.3 million and $36.9 million a year earlier, when results included a large vessel sale gain. Adjusted net income rose to $32.9 million, and adjusted earnings per share increased to $4.72 basic from $3.76 in 2025.
The company earned an average time charter equivalent rate of $30,354 per day on 21 vessels and achieved 100% fleet utilization. It declared a quarterly dividend of $0.80 per share, up 6.7%, payable on or about June 16, 2026, and has repurchased 480,460 shares, about 6.8% of outstanding stock, for roughly $11.36 million.
Euroseas highlighted a contracted revenue backlog of $650 million over the next five years with coverage above 90% for the rest of 2026 and 88% for 2027. As of March 31, 2026, it held cash, cash equivalents and restricted cash of $161.4 million versus bank debt of $213.3 million and continues to expand its fleet with a ten-vessel newbuilding program.
Euroseas Ltd. is expanding its feeder containership newbuilding program by ordering four additional vessels: two specialized 2,800 teu high-reefer ships and two 1,800 teu ships. The 2,800 teu vessels, to be built in China, each have a total consideration of approximately $46.5 million and are scheduled for delivery in October 2028 and January 2029, with over 1,000 reefer plugs each. The two 1,800 teu vessels, to be built at Nantong CIMC Sinopacific in China, each have a total acquisition price of approximately $32.5 million and are scheduled for delivery in June and September 2028. All four vessels will meet EEDI Phase 3 and IMO Nox Tier III standards and will be financed with a combination of debt and equity. The company states that these orders bring its containership newbuilding program to ten vessels with total contracted cost of about $500 million, supported by a contracted revenue backlog of $650 million and high charter coverage extending beyond 2028, aiming to modernize its fleet and maintain one of the youngest feeder and intermediate fleets among public peers.
Euroseas Ltd. files its annual Form 20-F detailing its containership business, capital structure and key risks. The company operates 21 containerships with 786,362 dwt and 61,144 TEU of capacity as of April 15, 2026, all on time charters.
Six additional vessels under construction will lift capacity to 27 ships and 84,676 TEU, with several newbuilds backed by multi-year charters at daily rates around $35,500. Euroseas reported 2025 charter revenues of $234.44 million, supported by very high fleet utilization of 99.7%.
Debt totaled about $218.62 million as of December 31, 2025, with scheduled repayments through 2030 and beyond, and exposure to floating SOFR-based interest. The filing highlights operational, financial, geopolitical, sanctions, tax, cybersecurity and market risks that could affect cash flows, asset values and share price volatility.
Euroseas Ltd. has extended the time charter for its 2007-built 3,100 TEU feeder containership EM Kea for a minimum of 36 to a maximum of 38 months at the charterer’s option, at a gross daily rate of $30,000.
The new charter starts on July 14, 2026 in direct continuation of the current charter and represents a daily rate increase of close to 60% over EM Kea’s existing $19,000 per day rate. The company expects the new contract to generate about $22.5 million of EBITDA over the minimum contracted period.
Euroseas states that this fixture highlights firm containership charter market conditions amid limited prompt vessel availability and macroeconomic disruptions. The company notes the charter raises its charter coverage to about 91% for 2026, 76% for 2027, and 44% for 2028, providing multi-year revenue visibility for a large portion of its fleet.