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Euroseas Ltd. (ESEA)
Challenging Market, But 2H2020 Recovery Ahead?
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 4Q2019 EBITDA, excluding dry dock expenses, was $2.7 million, or about $0.6 million below expectations. 4Q2019 gross TCE revenue of $13.2 million increased due to 307 higher ownership days and a $532 increase in TCE rates to $9,086/day.
Adjusting 2020 EBITDA estimate to reflect current container market fundamentals. Recent acquisitions will have a full impact on 2020 operating results and we are forecasting 2020 EBITDA of $15.3 million based on 6,695 operating days and TCE rates of $9.691/day versus our previous estimate of...
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.