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EUROSEAS LTD. chief executive officer Aristeidis J. Pittas filed an initial statement of beneficial ownership of common stock. The Form 3 lists his existing equity stake rather than any new purchase or sale.
He reports 83,537 shares held directly, including 16,500 unvested incentive stock awards. Of these awards, 5,500 shares are scheduled to vest on July 1, 2026, another 5,500 on November 13, 2026, and 5,500 on July 1, 2027.
In addition, 51,408 shares are held of record by Friends Investment Company Inc. and 1,222,358 shares are held of record by Containers Shareholders Trinity Ltd., reflecting his ownership interests in those entities. Pittas disclaims beneficial ownership of these indirectly held shares except to the extent of his pecuniary interest in them.
Euroseas Ltd. has ordered two specialized 2,800 TEU high‑reefer containerships from Huanghai Shipbuilding in China, expanding its presence in refrigerated cargo trades. Each vessel costs approximately $46.35 million and will be financed with a combination of debt and equity, with deliveries scheduled for June and August 2028.
The contract includes an option to order up to four additional vessels of similar size. Euroseas currently operates a fleet of 21 container vessels with 61,144 TEU of capacity and has six more ships under construction for delivery in 2027 and 2028, which would increase its fleet to 27 vessels with 84,676 TEU.
EUROSEAS LTD. Chief Financial Officer Aslidis Anastasios filed an initial Form 3 reporting existing ownership of the company’s common stock. The filing shows 26,910 shares held directly and 7,344 shares held indirectly through Containers Shareholders Trinity Ltd.
The reported position includes 11,250 unvested incentive stock awards, with 3,750 shares scheduled to vest on July 1, 2026, 3,750 on November 16, 2026, and 3,750 on November 16, 2027. A footnote states the reporting person disclaims beneficial ownership of all reported shares beyond their pecuniary interest.
Euroseas Ltd submitted a Form 144 notifying the proposed sale of common stock through La Salle St Securities, LLC, dated 03/02/2026.
The filing lists incentive stock awards of 3,750 (dated 11/16/2024) and 2,600 (dated 11/16/2022) as securities to be sold, and discloses a recent sale of 700 common shares by Anastasios Aslidis on 02/27/2026 for $47,194.00.
Euroseas Ltd. delivered stronger results for 2025, with full-year net revenues of $227.9M and net income of $137.0M. Basic earnings per share rose to $19.73, while adjusted EBITDA increased to $155.9M, supported by higher average charter rates and a slightly larger fleet.
In the fourth quarter of 2025, net revenues reached $57.4M and net income was $40.5M, or $5.82 per basic share. Adjusted quarterly earnings per share were $4.50, helped by a gain on vessel sales and strong time charter equivalent rates of $30,268 per day.
The company is returning capital to shareholders, declaring a quarterly dividend of $0.75 per share and repurchasing 480,455 shares, about 6.8% of outstanding, for roughly $11.36M. Cash, cash equivalents and restricted cash rose to $183.3M as of December 31, 2025, versus bank debt of $218.6M, while a fleet of 21 containerships and four newbuildings under charter support over $550M of contracted revenue over the next five years.
Euroseas Ltd. has secured a new time charter for its 2007-built 1,740 TEU feeder containership Spetses for a minimum of 22 to a maximum of 24 months at a gross daily rate of $21,500. The new charter starts on April 12, 2026, in direct continuation of the current contract and represents a daily increase of over $3,000 versus the vessel’s existing rate.
The company expects the Spetses charter to generate about $8.9 million of EBITDA over the minimum contracted period and states that it raises charter coverage to about 87% for 2026, 71% for 2027, and 41% for 2028. Euroseas currently operates 21 container vessels with total capacity of 61,144 TEU, and after four new intermediate containership deliveries in 2027–2028, the fleet is projected to reach 25 vessels with 79,080 TEU of capacity.
Euroseas Ltd. (ESEA) reported another strong quarter for container shipping in Q3 2025. Total net revenues were $56.9 million, up 5.1% from the same period in 2024, while net income rose to $29.7 million. Basic earnings per share were $4.27, and adjusted basic earnings per share were $4.26, reflecting adjusted net income of $29.6 million. Adjusted EBITDA increased to $38.8 million from $36.1 million a year earlier.
For the first nine months of 2025, net revenues reached $170.5 million and net income $96.5 million, with adjusted EBITDA of $115.2 million, all higher than in 2024. The fleet operated an average of 22–23 vessels with very high utilization around 99.7–99.9% and a time charter equivalent rate of about $28,700–$29,300 per day.
The company declared a $0.70 per share quarterly dividend and has repurchased 466,374 shares for about $10.5 million. It sold the M/V Marcos V for approximately $50.0 million, recording a gain of about $9.3 million, and highlighted multi-year forward charters for M/V Synergy Oakland and four newbuildings that management estimates will generate at least $183 million of EBITDA over their minimum charter periods, significantly increasing revenue visibility through 2032.
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.