Movers and SHAKERS
Positive Impact from Two Feeders Fixed At Attractive Rates
Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables; and drybulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers. As of March 31, 2017, it had a fleet of seven containerships; and six drybulk carriers, including three Panamax drybulk carriers, one Handymax drybulk carrier, one Kamsarmax drybulk carrier, and one Ultramax drybulk carrier. The company was founded in 2005 and is based in Maroussi, Greece.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Two new feeder fixtures indicate firm container market. Two 2,556 TEU feeders, the Corfu and Evridiki G, were locked up on time charters for at least three years at very attractive TCE rates of $40.0k/day. The new feeder rates are very positive when considering the recent four-year time charter on the Oakland intermediate at a TCE rate of $42.0k/day.
No change to our 2021 EBITDA estimate of $53.9 million based on TCE rates of $18.6k/day, but positive impact on 2022 EBITDA estimate. We are moving our 2022 EBITDA estimate to $109.4 million from $101.6 million based on TCE rates of $28.5k/day, up from $27.0k/day ...
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.