Movers and SHAKERS
Euroseas Ltd. (ESEA)
Soft 3Q2020 But Container Market Fundamentals Improving
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.
Adjusted 3Q2020 EBITDA of $1.3 million below expectations mainly due to lower TCE rates and higher opex. Reported adjusted EBITDA was $1.2 million. We added back drydock expenses of $0.1 million to calculate adjusted EBITDA of $1.3 million, which was about $1.0 million below our estimate of $2.3 million.
Adjusting 2020 EBITDA estimate. Negative 3Q2020 variance more than offsets stronger container market fundamentals. To reflect the negative 3Q2020 variance and current container market fundamentals, we are forecasting 2020 EBITDA of $12.1 million based on TCE rates of $9,140/day, down from our previous estimate of $13.1 million based on TCE rates of $9,220/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.