Based out of Greece, Euroseas ( ESEA ) is a containership operator and the only US-listed pureplay feeder operator. Feeder container ships are smaller container vessels - typically 700 to 3,500 TEU - which “feed” cargo to long-hauls vessels that cannotDubai-based investor focused on building a resilient, income-generating portfolio with a long-term growth mindset. My approach is primarily long-only, blending dividend-paying equities, REITs, and other income strategies with selective growth opportunities. I ...

Core Viewpoint - The analyst maintains a bullish outlook on Euroseas (ESEA), emphasizing robust operations and a significant discount to NAV as key factors supporting this position [1]. Company Analysis - Euroseas is highlighted for its strong operational performance, which is a critical factor in the analyst's positive assessment [1]. - The stock is trading at a notable discount to its net asset value (NAV), suggesting potential for price appreciation [1]. Market Sentiment - The analyst expresses confidence in the future of Bitcoin, indicating a broader interest in emerging investment opportunities [1].

ATHENS, Greece, Dec. 09, 2025 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today new charter contracts for three of its modern fuel-efficient 2,800 teu container vessels, M/V Leonidas Z, M/V Gregos, and M/V Terataki. All three charters will be for a minimum period of 35 to a maximum period of 37 months, at the option of the charterer, at a gross da ...

Financial Performance - Total net revenues for Q3 2025 were $56.9 million, a 5.1% increase from $54.1 million in Q3 2024[26] - Net income for Q3 2025 was $29.7 million, compared to $27.6 million in Q3 2024, resulting in earnings per share of $4.27 and $4.25 for basic and diluted shares, respectively[14][36] - Adjusted EBITDA for Q3 2025 was $38.8 million, up from $36.1 million in Q3 2024[24][35] - For the first nine months of 2025, the Company reported total net revenues of $170.5 million, a 6.8% increase from $159.6 million in the same period of 2024[39] - Net income for the first nine months of 2025 was $96.5 million, compared to $88.4 million for the same period in 2024[39] - Adjusted EBITDA for the first nine months of 2025 was $115.2 million, compared to $102.9 million for the same period in 2024[50] - Net income for the nine months ended September 30, 2025, was $96.47 million, up from $88.38 million in the same period of 2024, reflecting a year-over-year increase of 9.4%[81] - Adjusted net income for the nine months ended September 30, 2025, was $84.99 million, an increase from $80.24 million in 2024, which is a rise of 5.5%[83] Revenue and Earnings - Time charter revenue for Q3 2025 was $58,547,672, an increase of 3.2% compared to $55,375,268 in Q3 2024[74] - Average time charter equivalent rate for the first nine months of 2025 was $28,735 per day, up from $28,624 per day in the same period of 2024[39] - Basic and diluted earnings per share for the first nine months of 2025 were $13.90 and $13.84, respectively, compared to $12.75 and $12.66 for the same period in 2024[51] - Earnings per share (basic) for Q3 2025 was $4.27, compared to $3.97 in Q3 2024, indicating a 7.6% increase[76] - Adjusted earnings per share (basic) increased from $11.57 in the nine months ended September 30, 2024, to $12.25 in 2025, reflecting a growth of 5.9%[83] Expenses and Costs - Vessel operating expenses for the nine-month period of 2025 amounted to $35.2 million, an increase from $34.3 million in the same period of 2024[41] - Total interest and other financing costs for the first nine months of 2025 were $11.7 million, compared to $10.7 million for the same period in 2024[48] - The company reported interest and other financing costs of $9.54 million for the nine months ended September 30, 2025, compared to $5.53 million in the same period of 2024, indicating a significant increase of 72.5%[81] - General and administrative expenses increased to $4.4 million for the nine-month period ended September 30, 2025, compared to $3.7 million for the same period in 2024[44] Dividends and Shareholder Returns - The company declared a quarterly dividend of $0.70 per share, representing a yield of about 5%[20] - The company paid dividends totaling $14,000,695 in the nine months ended September 30, 2025, up from $12,533,010 in the same period of 2024[78] Assets and Liabilities - As of September 30, 2025, the company had outstanding debt of $224.0 million against cash reserves of $112.4 million[25] - Total current assets increased significantly from $84,706,760 as of December 31, 2024, to $160,029,953 as of September 30, 2025[77] - Cash and cash equivalents rose from $73,739,504 at the end of 2024 to $100,210,876 by September 30, 2025, marking a growth of 35.8%[77] - Total liabilities increased from $228,269,125 at the end of 2024 to $246,691,048 by September 30, 2025[77] Fleet and Operations - The average number of vessels operated in Q3 2025 was 22.0, compared to 23.0 in the same period last year[23] - The company operates a fleet of 21 vessels, with plans to expand to 25 vessels by 2028, increasing total carrying capacity from 61,144 TEU to 79,080 TEU[88] - The company has secured multi-year forward charters for five vessels, expected to generate a minimum of $183 million in EBITDA during the charter period[17] - The company anticipates further vessel acquisitions and entering into additional time charters as part of its growth strategy[89] Gains and Losses - The company recorded a gain of approximately $9.3 million from the sale of M/V Marcos V, which was sold for about $50.0 million[15] - The Company recognized a $10.2 million gain on the sale of M/V "Diamantis" in January 2025, compared to a $5.7 million gain on the sale of M/V "EM Astoria" in June 2024[47] - The unrealized loss on derivatives for the nine months ended September 30, 2025, was $380,832, compared to a gain of $247,867 in the same period of 2024[83] Non-GAAP Measures - The company emphasizes that Adjusted EBITDA and Adjusted net income are non-GAAP measures that provide insight into financial performance and liquidity[82]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported total net revenues of $56.9 million, a 5.1% increase from $54.1 million in Q3 2024 [24] - Net income for Q3 2025 was $29.7 million, compared to $27.6 million in Q3 2024 [24] - Adjusted EBITDA for Q3 2025 increased to $38.8 million from $36.1 million in Q3 2024 [25] - Basic and diluted earnings per share for Q3 2025 were $4.27 and $4.25, respectively, compared to $3.97 and $3.95 for the same period last year [26] Business Line Data and Key Metrics Changes - The average charter rate per vessel per day increased by 10.7% in Q3 2025 compared to Q3 2024 [24] - The company operated an average of 22 vessels in Q3 2025, earning an average time charter equivalent rate of $29,284 per day, compared to 23 vessels earning $26,446 per day in Q3 2024 [30] Market Data and Key Metrics Changes - The Shanghai Containerized Freight Index declined to its lowest level in nearly two years by late September 2025, but stabilized and increased by 30% in October and early November [10] - The average second-hand price index rose by about 4.4% in Q3 2025 compared to Q2 2025, supported by limited vessel availability and strong buyer interest [10] - The global fleet expanded by 6% year-to-date, with recycling activity remaining subdued [11] Company Strategy and Development Direction - The company remains committed to a $20 million share repurchase plan, having repurchased 466,000 shares for approximately $10.5 million [4] - The company has secured charters for four new vessels at rates of $35,500 per day for four years, indicating a strategic focus on long-term contracts [7][21] - The company aims to maintain leverage around 50%, adjusting based on market conditions [74] Management's Comments on Operating Environment and Future Outlook - Management noted that the market remains mixed, with time charter rates holding firm despite a decline in the Shanghai Containerized Freight Index [18] - Concerns over oversupply and increased competition among carriers may pressure rates from 2027 onwards [19] - The company anticipates a conservative approach to fleet management, potentially scrapping older vessels if market conditions worsen [83] Other Important Information - The company declared a quarterly dividend of $0.70 per share for Q3 2025, reflecting an annualized yield of approximately 5% [4] - The total outstanding bank debt as of September 30, 2025, was about $224 million, with a cost of debt around 5.9% [21] Q&A Session Summary Question: Expectations for scheduled off-hire days for Q4 and 2026 - Management indicated minimal dry docking scheduled for the next 12 months, with likely off-hire for Q4 being almost zero [44][45] Question: Impact of container ship ordering on supply and rates - Management acknowledged that increased ordering could pressure rates from 2027, but noted strong coverage for 2027 with 52% locked in [48][49] Question: Willingness to book long-term contracts - Management explained that the aging fleet in smaller vessels is driving demand for long-term contracts as charters seek to secure tonnage [62] Question: Remaining commitments for new builds - Management confirmed that approximately $200 million remains to be paid for the new builds, with payments structured around delivery timelines [67] Question: Strategy on selling older assets - Management stated a conservative approach, considering scrapping older vessels if market conditions decline significantly [83][84]

Financial Data and Key Metrics Changes - For Q3 2025, total net revenues were reported at $56.9 million, a 5.1% increase from $54.1 million in Q3 2024 [24] - Net income for Q3 2025 was $29.7 million, compared to $27.6 million in Q3 2024 [24] - Adjusted EBITDA for Q3 2025 increased to $38.8 million from $36.1 million in Q3 2024 [25] - Basic and diluted earnings per share for Q3 2025 were $4.27 and $4.25, respectively, compared to $3.97 and $3.95 for the same period last year [26] Business Line Data and Key Metrics Changes - The average time charter equivalent rate for vessels in Q3 2025 was $29,284 per day, compared to $26,446 per day in Q3 2024 [30] - Daily operating expenses for Q3 2025 were $7,246 per vessel per day, slightly down from $7,249 in Q3 2024 [31] - The cash flow break-even level for Q3 2025 was $13,073 per vessel per day, compared to $13,629 in Q3 2024 [31] Market Data and Key Metrics Changes - The Shanghai Containerized Freight Index declined to its lowest level in nearly two years by late September 2025, but saw a 30% uptick in October and early November [10] - The global fleet expanded by 6% year-to-date, with idle capacity remaining practically nonexistent [11] - New building prices remained stable, with Korean and Japanese yards gradually increasing prices relative to Chinese yards [10] Company Strategy and Development Direction - The company remains committed to a $20 million share repurchase plan, having repurchased 466,000 shares for approximately $10.5 million [4] - The company has extended charters for several vessels, indicating a strategy focused on securing long-term contracts [5][6] - The company is exploring additional vessel orders while maintaining a cautious approach to leverage, targeting around 50% [73] Management's Comments on Operating Environment and Future Outlook - Management noted that the market remains mixed, with time charter rates holding firm despite a decline in the Shanghai Containerized Freight Index [18] - Concerns over oversupply and increased competition among carriers could pressure rates from 2027 onwards [48] - Management expressed confidence in the fleet's cash flow generation potential, with a break-even level well below current earnings [38] Other Important Information - The company declared a quarterly dividend of $0.70 per share for Q3 2025, reflecting an annualized yield of approximately 5% [4] - The total outstanding bank debt as of September 30, 2025, was about $224 million, with a cost of debt around 5.9% [21] Q&A Session Summary Question: Expectations for scheduled off-hire days for Q4 and 2026 - Management indicated minimal dry dockings expected, with likely off-hire for Q4 being almost zero [44][45] Question: Impact of container ship ordering on supply and rates - Management acknowledged that increased ordering could pressure rates from 2027, but noted strong coverage for 2027 with 52% locked in [48] Question: Willingness to book long-term contracts - Management explained that charters are eager to secure tonnage due to an aging fleet and increasing trade demands [62] Question: Remaining commitments for new builds - Management confirmed that approximately $200 million remains to be paid for new builds, with payments structured around delivery timelines [67] Question: Strategy on selling older assets - Management stated a conservative approach to scrapping older vessels if market conditions decline significantly [83][85]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported total net revenues of $56.9 million, a 5.1% increase from $54.1 million in Q3 2024 [22] - Net income for Q3 2025 was $29.7 million, compared to $27.6 million in Q3 2024 [22] - Adjusted EBITDA for Q3 2025 increased to $38.8 million from $36.1 million in Q3 2024 [23] - Basic and diluted earnings per share for Q3 2025 were $4.27 and $4.25, respectively, compared to $3.97 and $3.95 for the same period last year [24] - For the first nine months of 2025, total net revenues were $170.5 million, a 6.8% increase from $159.6 million in the same period of 2024 [25] - Net income for the first nine months of 2025 was $96.5 million, up from $88.4 million in the prior year [25] Business Line Data and Key Metrics Changes - The average charter rate per vessel per day increased by 10.7% in Q3 2025 compared to Q3 2024 [22] - The fleet on the water consists of 21 vessels with a total carrying capacity of 61,000 TEU and an average age of about 12 years [6] - The company has secured 100% of available days for Q3 2025 at an average rate of approximately $30,345 per day [8] Market Data and Key Metrics Changes - The Shanghai Containerized Freight Index declined to its lowest level in nearly two years by late September 2025, but stabilized and increased by 30% in October and early November [9] - The average second-hand price index rose by about 4.4% in Q3 2025 compared to Q2 2025 [9] - The global fleet expanded by 6% year-to-date, with recycling activity remaining subdued [10] Company Strategy and Development Direction - The company remains committed to a $20 million share repurchase plan, having repurchased 466,000 shares for approximately $10.5 million [4] - The company has extended charters for several vessels, indicating a focus on securing long-term contracts [5] - The company is strategically positioned with minimal risk of oversupply due to a limited new building pipeline in smaller vessel segments [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the market remains fragile with downside risks stemming from persistent uncertainty and potential protectionist measures [11] - The company expects a dip in containerized trade growth to 0.7% in 2026 and a further decline of 6% in 2027 [13] - Management expressed cautious optimism regarding future profitability, supported by strong forward coverage [8] Other Important Information - The company declared a quarterly dividend of $0.70 per share for Q3 2025, reflecting an annualized yield of approximately 5% [4] - The company’s total outstanding bank debt stood at about $224 million as of September 30, 2025, with a cost of debt around 5.9% [21] Q&A Session Summary Question: Expectations for scheduled off-hire days for Q4 and 2026 - Management indicated a very light dry docking schedule with likely off-hire for Q4 being almost zero [39][40] Question: Impact of container ship ordering on rates - Management acknowledged that increased ordering could pressure rates from 2027 onward, but emphasized their strong coverage for 2027 [41][42] Question: Differences in the market pre-2020 and future expectations - Management highlighted that the previous oversupply and pandemic-related demand spikes significantly influenced market conditions [43][44] Question: Willingness to order additional tonnage - Management stated there is always a possibility to order more vessels, but they are currently comfortable with their positioning [50] Question: Medium-term leverage target - Management indicated a general strategy to maintain leverage around 50%, adjusting based on market conditions [51]

Core Viewpoint - Euroseas Ltd. reported quarterly earnings of $4.23 per share, which missed the Zacks Consensus Estimate of $4.4 per share, representing an earnings surprise of -3.86% [1] - The company posted revenues of $58.55 million for the quarter, missing the Zacks Consensus Estimate by 4.02% [2] Financial Performance - Year-over-year earnings increased from $3.92 per share to $4.23 per share [1] - Revenues rose from $55.38 million in the same quarter last year to $58.55 million [2] - Over the last four quarters, Euroseas has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Euroseas shares have increased approximately 70% since the beginning of the year, significantly outperforming the S&P 500's gain of 13.4% [3] - The current Zacks Rank for Euroseas is 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $4.32, with expected revenues of $60.52 million [7] - For the current fiscal year, the consensus EPS estimate is $16.68 on revenues of $238.32 million [7] - The outlook for the Transportation - Shipping industry is positive, with the industry currently ranked in the top 24% of over 250 Zacks industries [8]

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Financial Performance - Euroseas' Q3 2025 net revenues increased by 51% to $5691 million compared to $5415 million in Q3 2024[68] - Net income for Q3 2025 rose by 75% to $2970 million, with diluted earnings per share at $425[68] - Adjusted EBITDA for Q3 2025 increased by 76% to $3881 million[68] - For the first nine months of 2025, net revenues increased by 68% to $17049 million, and net income increased by 92% to $9647 million[68] Fleet and Operations - The current fleet consists of 21 vessels with an average age of 121 years and a carrying capacity of 611k TEU[15] - Euroseas sold MV Marcos V for $500 million in October 2025[13] - The company has declared a quarterly dividend of $070 per share[10] - As of November 18, 2025, Euroseas repurchased 466374 shares for $105 million under the share repurchase plan[11] - For Q4 2025, 1000% of available voyage days have been secured at an average rate of ~$30345/day[18] - For 2026, approximately 747% of available voyage days are covered at an average rate of ~$31300/day[18] Market Overview - One-year time charter rates remained firm in Q3 2025, with average rates for feeder vessels rising by 3%[24] - The fleet has grown by 61% year-to-date[25] - The orderbook as a percentage of the fleet is 150%[41]