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Euroseas Ltd. (ESEA)
Acquisition and Financing Activity Are Positives
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.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Pending acquisition adds scale, lowers cost structure, and improves age profile. Acquisition of four feeder vessels for ~$30 million (22.5 million common shares and $15 million term loan) should close in 3Q2019.
- Refinancing done and acquisition financing lined up. New debt matures in 2023. As a follow on to the 2018 refinancing, ~$8 million of debt on the Astoria and Evridiki was refinanced with...
*Analyst certification and important disclosures included in 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.