Thursday, December 11, 2025
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.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New time charters. Euroseas Ltd. announced new three-year forward time charter contracts for three of its modern, fuel-efficient 2,800 TEU containerships, the M/V Leonidas Z, M/V Gregos, and M/V Terataki. All three charters are for a minimum period of 35 to a maximum period of 37 months at the charterer’s option, and will be performed at a gross daily rate of $30,000. The new charter periods are expected to generate approximately $75 million of EBITDA over the minimum contracted period and lift charter coverage for 2026, 2027, and 2028 to roughly 82.5%, 66.5%, and 42%, respectively.
Updating estimates. Reflecting the updated coverage, we are modestly reducing our 2026 estimates. We now forecast 2026 revenue, adjusted EBITDA, and EPS of $229.3 million, $161.4 million, and $17.39, respectively, compared with our prior estimates of $230.0 million, $162.1 million, and $17.49. Despite the slight downward revisions, Euroseas’ contracted rates, and 2026 outlook continue to show strong year-over-year growth.
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