ATHENS, Greece, Aug. 06, 2024 (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 its results for the three- and six-month periods ended June 30, 2024. Second Quarter 2024 Financial Highlights: Total net revenues of $58.7 million. Net income of $40.7 million or $5.89 and $5.84 earnings per share basic and diluted, respectively. Adjusted net income1 ...

Core Viewpoint - Euroseas Ltd. (NASDAQ:ESEA) is identified as a strong buy opportunity due to its growth potential and undervalued stock, despite recent challenges in the marine transport sector [24][25][34]. Company Overview - Euroseas is a 20-year-old shipping company registered in the Marshall Islands, with a fleet of 23 vessels, including 16 Feeders and 7 intermediate-size container ships [27]. - The company is controlled by a Greece-based family with 140 years of experience in the maritime cargo business [27]. - Euroseas has a market capitalization of approximately $261.99 million [24]. Financial Performance - For Q1 2024, Euroseas reported total net revenues of $46.7 million, an 11% increase from Q1 2023, despite operating two fewer vessels [29]. - Adjusted net income for Q1 2024 was $18.5 million, equating to $2.66 per diluted share [29]. - The company declared a dividend of $0.60 per share [30]. Market Position and Valuation - The stock is currently trading at a forward P/E ratio of 3.57, significantly lower than the industry average of 14.65, indicating potential for price appreciation [10][31]. - The expected EPS for the next four quarters is between $9.55 and $9.70, suggesting a fair stock price of approximately $33.67 [31]. - The average target price for Euroseas over the next 12 months could reach $69 per share based on valuation metrics [31]. Industry Context - The marine cargo shipping industry has seen a doubling of merchant fleet tonnage over the past decade, with the volume of goods delivered by ships nearly tripling [27]. - Despite geopolitical challenges and rising freight rates, the industry has reported high profits through 2023, although profits and share prices dipped in mid-2024 [27][34]. - Euroseas benefits from a stable demand for marine transport, which remains a cost-effective option compared to air and train shipping [27]. Shareholder Dynamics - Hedge funds have been increasing their holdings in Euroseas since early 2023, primarily acquiring shares below $30 [27]. - Insiders own over 60% of the outstanding common shares, which supports confidence in the company's future performance [34].

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote "Euroseas" to the operator and/or conference ID 13748264. Click here for additional participant International Toll-Free access numbers. Audio Webcast ‐ Slides Presentation: Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning ...

ATHENS, Greece, July 23, 2024 (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 a new time charter contract for its 1,740 feeder containership, EM Spetses, for a minimum period of 18 to a maximum period of 20 months at the option of the charterer, at a gross daily rate of $18,100. The charter for EM Spetses will commence in early August 2024, upo ...

In addition, the Company announced that its M/V EM Astoria, a 2,788 teu feeder containership vessel built in 2004, was successfully delivered to its new owners on June 26, 2024. As previously announced, the vessel was sold for approximately $10 million, resulting in a gain on sale of more than $5.5 million or about $0.80/share and having contributed to the Company total earnings of about $42.8 million since its acquisition in 2017. "We are also pleased to welcome M/V Stephania K in our fleet. The vessel is ...

ATHENS, Greece, June 18, 2024 (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 it has entered into a time charter contract for M/V Pepi Star, a newbuilding fuel efficient 1,800 teu feeder containership currently under construction, for a minimum period of 23 to a maximum period of 25 months at the option of the charterer, at a gross daily rate of ...

Core Viewpoint - Euroseas Ltd. has entered into a time charter contract for the M/V Pepi Star, a newbuilding fuel-efficient 1,800 teu feeder containership, at a gross daily rate of $24,250 for a minimum of 23 months, indicating a strengthening charter market [1][7]. Company Overview - Euroseas Ltd. operates in the container shipping market and is managed by Eurobulk Ltd., which handles the commercial and technical management of the vessels [3]. - The company was formed on May 5, 2005, under the laws of the Republic of the Marshall Islands and trades on NASDAQ under the ticker ESEA [10]. Fleet Profile - After the delivery of the M/V Pepi Star, Euroseas will have a fleet of 22 vessels, including 15 feeder containerships and 7 intermediate containerships, with a total cargo capacity of 66,261 teu [11]. - The fleet will expand to 26 vessels with a total carrying capacity of 75,461 teu after the delivery of four remaining feeder containership newbuildings in 2024 [11]. Financial Impact - The new charter for the M/V Pepi Star is expected to contribute approximately $12.3 million of EBITDA for the minimum contracted period, increasing the company's remaining 2024 charter coverage to 91% [7]. - The charter rate of $24,250 represents a 10% increase compared to the rate for its sister vessel, M/V Stephania K, which was fixed at $22,000 just a week prior [7]. Market Context - The charter market for containerships has shown continuous strengthening over the last few months, as evidenced by the increasing rates for new charters [7].

ATHENS, Greece, June 10, 2024 (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 it has entered into a time charter contract for M/V Stephania K, a newbuilding fuel efficient 1,800 teu feeder containership currently under construction, for a minimum period of 23 to a maximum period of 25 months at the option of the charterer, at a gross daily rate ...

ATHENS, Greece, June 10, 2024 (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 it has entered into a time charter contract for M/V Stephania K, a newbuilding fuel efficient 1,800 teu feeder containership currently under construction, for a minimum period of 23 to a maximum period of 25 months at the option of the charterer, at a gross daily rate ...

Thierry Dosogne ESEA Is In A Good Way Over the past year, the broader equity markets have been resilient enough, delivering returns of 28%. But how about the performance of Euroseas Ltd. (NASDAQ:ESEA), a Greek shipping entity that operates in the containership space? During the same period, ESEA has ended up trouncing the total stock market by around 3.8x. BIMCO However, what's key to note is that ESEA is unlikely to face the same supply-side pressures as its larger peers, as its fleet only consists of feed ...