Thursday, February 26, 2026
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.
Solid Q4 and FY2025 financial results. Fourth quarter net revenue increased 7.7% to $57.4 million compared to $53.3 million during the prior year period. Adjusted EBITDA and EPS were $40.7 million and $4.48, respectively, compared to $32.8 million and $3.33 during the prior year quarter. During the fourth quarter, the average time charter equivalent rate amounted to $30,268 per day compared to $26,479 during the prior year period. The company reported FY2025 adjusted EBITDA and EPS of $155.9 million and $16.74, respectively, compared to $135.8 million and $14.87 in 2024.
Revenue and earnings visibility. For 2026, Euroseas has secured 86.6% of available voyage days at an average rate of ~$30,700 per day and 71.1% of 2027 available voyage days at an average rate of $31,890 per day. For 2028, 40.8% of available voyage days are covered at ~$32,400 per day. This robust charter coverage not only underpins earnings but also provides a strong buffer against rate volatility, positioning the company to benefit from sustained high utilization in 2026.
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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.
