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Euroseas (ESEA) – December-quarter Results

Industrials
0 min read


Thursday, February 22, 2024

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Euroseas reported a 14% year-over-year increase in revenues, net during the quarter ended December 31, 2023 due mainly to the addition of a vessel and increased fleet utilization rates. Shipping rates were largely unchanged from last year and generally predictable given a high charter coverage.

Costs were generally in line with expectations. Drydocking expenses were higher than expected due to the retrofitting of the MV Synergy Busan. Interest and financing costs continue to rise with a $23 million year-over-year increase in debt as the company makes payments on six newbuilds. In total, the company is spending $220 million on the newbuilds with $65 million already paid and an additional $130 million to be financed. Bottom-line results were near expectations.


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*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. 

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