Euroseas Ltd (NASDAQ:ESEA) Q3 2022 Earnings Conference Call November 14, 2022 9:30 AM ET Company Participants Aristides Pittas - Chairman, CEO & President Anastasios Aslidis - CFO, Treasurer & Director Conference Call Participants Tate Sullivan - Maxim Group James Jang - Univest Securities Charles Fratt - Alliance Global Partners Operator Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Third Quarter 2022 Financial Results. We have with us Mr. Aristides Pit ...

1 Earnings Presentation Quarter Ended September 30, 2022 November 14, 2022 Forward-Looking Statements Statements in this presentation may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in s ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of October 2022 Commission File Number: 001-33283 EUROSEAS LTD. (Translation of registrant's name into English) 4 Messogiou & Evropis Street 151 24 Maroussi, Greece (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F o ...

Financial Data and Key Metrics Changes - For Q2 2022, total net revenues were $48.5 million, a 165% increase from $18.3 million in Q2 2021 [42] - Net income for Q2 2022 was $30.7 million, compared to $7.9 million in Q2 2021, representing a significant increase [43] - Adjusted EBITDA for Q2 2022 was $34.2 million, up 231% from $10.3 million in Q2 2021 [44] - For the first half of 2022, total net revenues reached $93.9 million, an 188% increase from $32.6 million in the first half of 2021 [48] - Net income for the first half of 2022 was $60.7 million, compared to $11.7 million in the same period of 2021, marking a 445% increase [48] Business Line Data and Key Metrics Changes - The fleet utilization rate for Q2 2022 was 100% for commercial and 99.7% for operational, compared to 100% and 99% respectively in Q2 2021 [52] - Average time charter equivalent rate increased to $33,714 per day in Q2 2022 from $14,853 per day in Q2 2021 [53] - Total operating expenses per vessel per day rose to $7,732 in Q2 2022 from $6,860 in Q2 2021 [53] Market Data and Key Metrics Changes - Time charter rates across all segments declined slightly in Q2 2022 but remained significantly higher than at the start of 2022 and over four times higher than at the end of 2020 [15] - The secondhand price index decreased by about 3% in Q2 2022, but prices remain historically high [16] - The newbuilding price index increased by about 2.6% in Q2 2022, driven by rising building costs and limited vessel availability [17] Company Strategy and Development Direction - The company plans to maintain high charter coverage, expecting robust profitability through 2024 regardless of market developments [6] - A newbuilding program is in place, with nine feeder containerships expected to be delivered in 2023 and 2024, increasing fleet capacity to approximately 81,000 TEU [12] - The company aims to use generated cash flow to fund newbuilding programs and continue dividends and share repurchase initiatives [39] Management's Comments on Operating Environment and Future Outlook - Management noted that global GDP growth forecasts have been reduced due to geopolitical conflicts and inflationary pressures, impacting containerized trade demand [21][22] - Despite macroeconomic headwinds, the container market conditions are expected to remain positive in the short term, with demand above pre-COVID levels [33] - The company anticipates that increased deliveries and easing port congestion will lead to a significant decline in charter rates in 2023 [33] Other Important Information - The company declared a quarterly dividend of $0.50 per share for Q2 2022, corresponding to a yield of about 7% [7] - As of August 10, 2022, the company repurchased 40,000 shares for about $900,000 under a $20 million share repurchase plan [8] - The market value of the fleet is estimated at $538 million, translating to a net asset value of $439 million or about $66 per share, while shares are trading between $22 and $29 [71] Q&A Session Summary Question: Balance sheet outlook with new builds and potential scrapping of older ships - Management indicated that decisions on scrapping older ships will depend on market conditions closer to 2024, when most charters end [75] Question: Targeting shorter charter rates for new builds - Management prefers longer-term charters but will wait to see market conditions as the first new vessel is not expected until late 2023 [76] Question: Changes in commission rates - Management explained that commission rates vary based on charter arrangements and recent fixes with lower commission rates affected the average [81] Question: Changes in EBITDA calculations - Management noted that variations in EBITDA could be due to different assumptions regarding existing contracts and operating costs [84] Question: Stock buyback program details - Management clarified that stock buybacks were limited during quiet periods, affecting the amount repurchased [92]

1 Earnings Presentation Quarter Ended June 30, 2022 August 11, 2022 Forward-Looking Statements Statements in this presentation may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such for ...

Financial Data and Key Metrics Changes - For Q1 2022, Euroseas reported total net revenues of $45.4 million, a 217% increase from $14.3 million in Q1 2021 [48] - Net income for the period was $29.9 million compared to $3.8 million in the same period last year [48] - Adjusted EBITDA for Q1 2022 was $31.1 million, representing a 455% increase from $5.6 million in Q1 2021 [50] - Basic and diluted earnings per share were $4.15 and $4.13, respectively, compared to $0.53 for the same period last year [51] Business Line Data and Key Metrics Changes - The fleet utilization rate for Q1 2022 was 99.6% for commercial and 99.5% for operational, compared to 100% and 96.7% in Q1 2021 [54] - Average time charter equivalent rate increased to $33,996 per day in Q1 2022 from $12,134 per day in the same period last year [54] Market Data and Key Metrics Changes - Time charter rates across all segments have reached all-time highs, with the average secondhand price index up about 17% in Q1 2022 over Q4 2021 [26] - The idle containership fleet as of May 9 stood at about 270,000 TEU, or 0.7% of the fleet, remaining at the lowest levels in the last year [29] - Global growth is expected to slow significantly in 2022, with the IMF lowering its global GDP estimates from 4.4% to 3.6% [32] Company Strategy and Development Direction - The company plans to continue its growth strategy in the feeder containership market while maintaining a strong balance sheet [46] - A share repurchase program for up to $20 million was approved to enhance shareholder value [7] - The company has reinstated its common stock dividend plan, declaring a quarterly dividend of $0.50 per share [11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in earnings visibility well into 2024, despite potential market corrections [7] - The ongoing conflict between Ukraine and Russia, along with inflation pressures and lockdowns in China, pose risks to growth [32] - The company is prepared for potential downturns while seeking opportunities for growth [46] Other Important Information - The company has placed orders for new eco-designed fuel-efficient vessels, with expected deliveries between late 2023 and 2024 [18][19] - The current fleet consists of 18 vessels with a total carrying capacity of about 59,000 TEU [23] Q&A Session Summary Question: Can you provide more details on your newbuild chartering strategy? - Management indicated that future contracts will depend on market conditions, and they aim to avoid having all ships open at the same time [73][75] Question: What is the target capital ratio for the company? - Management confirmed they are repaying debt continuously and maintaining leverage, with visibility on earnings for the next three years [74] Question: How much was spent on the newbuild program in Q1? - The company made 10% payments for the first two vessels ordered, with further payments to be made as construction begins [77] Question: Is the dividend level expected to remain consistent? - Management stated that while they aim to maintain dividends, future levels will be decided on a case-by-case basis [78] Question: What is the target financing level for new builds? - The company aims to finance about 60% of the contract price for new builds, subject to market conditions [80] Question: How is the company preparing for potential supply-side expansion? - Management noted that discussions on renewals are currently on hold, with a wait-and-see approach being adopted [81] Question: What drove the decision to add dual fuel capability to new builds? - The decision was primarily defensive, preparing for potential future fuel standards [83]

Part I [Key Information](index=8&type=section&id=Item%203.%20Key%20Information) The company faces significant risks from industry volatility, global events, regulations, and company-specific factors [Industry Risk Factors](index=10&type=section&id=Industry%20Risk%20Factors) Profitability is exposed to volatile shipping markets, vessel over-supply, global events, and regulatory pressures - Profitability is heavily dependent on volatile charter rates, which have seen significant recovery in **2021 and early 2022** after prior periods of depression[30](index=30&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - The market value of vessels fluctuates with charter rates, and a decline **could trigger loan covenant breaches**, requiring debt prepayment or additional collateral[39](index=39&type=chunk)[40](index=40&type=chunk)[46](index=46&type=chunk) - An over-supply of containership capacity could reduce charter rates, as **new orders represented about 26.4% of the existing fleet's capacity** as of March 31, 2022[47](index=47&type=chunk)[48](index=48&type=chunk) - The COVID-19 pandemic and geopolitical conflicts create uncertainty, potentially disrupting trade, increasing costs, and **negatively impacting global demand for container shipping**[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - Extensive and evolving environmental regulations **require significant capital expenditure** and can increase operating costs[82](index=82&type=chunk)[83](index=83&type=chunk)[93](index=93&type=chunk) [Company Risk Factors](index=25&type=section&id=Company%20Risk%20Factors) Key risks include dependence on an affiliated manager, customer concentration, and restrictive debt covenants - The company has no employees and is **entirely dependent on the affiliated manager, Eurobulk Ltd**, for all commercial and technical management of its fleet[139](index=139&type=chunk)[140](index=140&type=chunk) - Affiliates of the Pittas family **control approximately 54.7% of the company's voting power**, allowing them to influence major corporate decisions and creating potential conflicts of interest[152](index=152&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) - Existing loan agreements contain restrictive covenants that **could lead to debt acceleration** if violated, which can be triggered by a decline in vessel market values[166](index=166&type=chunk)[167](index=167&type=chunk) - The company has historically derived significant revenue from few charterers, with the **top five charterers accounting for approximately 79% of revenues in 2021**[238](index=238&type=chunk) - The company is **exposed to volatility in LIBOR** and its replacement on its floating-rate debt, which it manages using interest rate swaps[174](index=174&type=chunk)[175](index=175&type=chunk) [Risk Factors Relating To Our Common Stock](index=40&type=section&id=Risk%20Factors%20Relating%20To%20Our%20Common%20Stock) Common stock risks include high price volatility, anti-takeover provisions, and foreign issuer governance status - The market price of the company's common stock has been and may continue to be **highly volatile**, influenced by industry unpredictability and market fluctuations[258](index=258&type=chunk)[259](index=259&type=chunk)[261](index=261&type=chunk) - The company's governing documents include **anti-takeover provisions**, such as a classified board and a shareholder rights plan, which may discourage a merger or acquisition[269](index=269&type=chunk)[270](index=270&type=chunk) - As a **foreign private issuer** incorporated in the Marshall Islands, shareholders may have fewer rights and protections than under typical U.S. law[154](index=154&type=chunk)[279](index=279&type=chunk) [Information on the Company](index=43&type=section&id=Item%204.%20Information%20on%20the%20Company) The company operates a fleet of containerships with a strategy of disciplined growth and balanced chartering - Euroseas is a **pure-play containership company** and the only publicly listed firm focused on the feeder and intermediate containership sector[281](index=281&type=chunk) **Fleet Profile (as of March 31, 2022)** | Name | Type | Dwt | TEU | Year Built | Employment | TCE Rate ($/day) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | MARCOS V. | Intermediate | 72,968 | 6,350 | 2005 | TC until Dec-24 | $42,200 | | AKINADA BRIDGE | Intermediate | 71,366 | 5,610 | 2001 | TC until Oct-22 | $20,000 | | SYNERGY BUSAN | Intermediate | 50,726 | 4,253 | 2009 | TC until Aug-24 | $25,000 | | SYNERGY ANTWERP | Intermediate | 50,726 | 4,253 | 2008 | TC until Dec-23 | $18,000 | | SYNERGY OAKLAND | Intermediate | 50,787 | 4,253 | 2009 | TC until Mar-26 | $42,000 | | SYNERGY KEELUNG | Intermediate | 50,969 | 4,253 | 2009 | TC until Feb-23 | $14,500 | | EM KEA | Feeder | 42,165 | 3,100 | 2007 | TC until May-23 | $22,000 | | EM ASTORIA | Feeder | 35,600 | 2,788 | 2004 | TC until Feb-25 | $65k/$50k/$20k | | EVRIDIKI G | Feeder | 34,677 | 2,556 | 2001 | TC until Feb-25 | $40,000 | | EM CORFU | Feeder | 34,654 | 2,556 | 2001 | TC until Feb-25 | $40,000 | | DIAMANTIS P | Feeder | 30,360 | 2,008 | 1998 | TC until Oct-24 | $27,000 | | EM SPETSES | Feeder | 23,224 | 1,740 | 2007 | TC until Aug-24 | $29,500 | | JONATHAN P. | Feeder | 23,357 | 1,740 | 2006 | TC until Oct-24 | $26,662 | | EM HYDRA | Feeder | 23,351 | 1,740 | 2005 | TC until Apr-23 | $20,000 | | JOANNA | Feeder | 22,301 | 1,732 | 1999 | TC until Oct-22 | $16,800 | | AEGEAN EXPRESS | Feeder | 18,581 | 1,439 | 1997 | TC until Apr-25 | $41,000 | | **Total** | **16 Vessels** | **635,806** | **50,371** | | | | - The company has **seven new eco-design fuel-efficient feeder containerships under construction**, with deliveries scheduled for 2023 and 2024[284](index=284&type=chunk)[290](index=290&type=chunk) - As of March 31, 2022, the company has significant charter coverage, with **95% of ship capacity days for the remainder of 2022** under contract[294](index=294&type=chunk) **Vessel Carrying Value (as of Dec 31, 2021)** | Vessel Name | Capacity (TEU) | Carrying Value (in millions) | | :--- | :--- | :--- | | EVRIDIKI G | 2,556 | $6.89 | | JOANNA | 1,732 | $2.63 | | AEGEAN EXPRESS | 1,439 | $1.72 | | EM ASTORIA | 2,788 | $4.19 | | EM CORFU | 2,556 | $4.55 | | AKINADA BRIDGE | 5,610 | $9.10 | | EM KEA | 3,100 | $8.49 | | EM SPETSES | 1,740 | $6.61 | | EM HYDRA | 1,740 | $5.77 | | DIAMANTIS P | 2,008 | $3.68 | | SYNERGY BUSAN | 4,253 | $9.53 | | SYNERGY ANTWERP | 4,253 | $9.43 | | SYNERGY OAKLAND | 4,253 | $9.75 | | SYNERGY KEELUNG | 4,253 | $10.57 | | JONATHAN P. | 1,740 | $25.27 | | MARCOS V. | 6,350 | $57.93 | | **Total** | **50,371** | **$176.11** | [Operating and Financial Review and Prospects](index=64&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) Financial performance improved significantly in 2021 due to strong market recovery and higher charter rates **Key Operational and Financial Metrics (2021 vs. 2020)** | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Average number of vessels | 14.25 | 17.23 | | Utilization Rate | 98.5% | 95.5% | | Average TCE rate ($/day) | $19,327 | $9,445 | | Time charter revenue | $98.0M | $55.7M | | Net income attributable to common shareholders | $42.4M | $3.3M | | EPS attributable to common shareholders (basic) | $6.07 | $0.58 | - The significant increase in profitability in 2021 was primarily driven by a **104.4% increase in the average TCE rate**, reflecting a strong market recovery[439](index=439&type=chunk) - In 2021, the company **acquired two vessels for $65.5 million** and contracted to **construct two new vessels for approximately $76.1 million**[401](index=401&type=chunk)[403](index=403&type=chunk) - The company **fully redeemed its outstanding Series B Preferred Shares** in 2021 through a combination of cash and conversion to common shares[408](index=408&type=chunk) - Net cash from operating activities **increased substantially to $52.6 million in 2021** from $2.4 million in 2020, due to higher market rates[469](index=469&type=chunk)[470](index=470&type=chunk) - As of December 31, 2021, the company had **total outstanding bank debt of $119.0 million** and **contractual obligations for newbuild vessels of $68.5 million**[464](index=464&type=chunk)[475](index=475&type=chunk) [Directors, Senior Management and Employees](index=79&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) Management services are outsourced to an affiliate, and the company follows foreign private issuer governance rules - The company has **no salaried employees**, with all executive services provided by the affiliated manager, Eurobulk Ltd[521](index=521&type=chunk)[542](index=542&type=chunk) - For 2021, the company paid Eurobulk a **fixed fee of $2.0 million** for executive services, plus a **special bonus of $0.46 million**[307](index=307&type=chunk)[521](index=521&type=chunk)[523](index=523&type=chunk) - The Board of Directors is **classified into three staggered classes**, with terms expiring in 2022, 2023, and 2024[528](index=528&type=chunk) - The company is **exempt from certain Nasdaq rules**, including requirements for a majority-independent board and independent committees[155](index=155&type=chunk)[530](index=530&type=chunk)[532](index=532&type=chunk) - Under its Equity Incentive Plan, the company **granted 49,650 non-vested restricted shares** in November 2021 to key personnel[527](index=527&type=chunk) [Major Shareholders and Related Party Transactions](index=84&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) The company is controlled by the Pittas family, with extensive related-party transactions for core operations **Major Shareholders (as of March 31, 2022)** | Name of Beneficial Owner | Shares of Common Stock | Percent of Common Stock | | :--- | :--- | :--- | | Containers Shareholders Trinity Ltd. | 2,753,013 | 37.7% | | Eurobulk Marine Holdings Inc. | 528,169 | 7.2% | | Friends Investment Company Inc. | 492,286 | 6.7% | | **All directors, officers, and 5% owners as a group** | **4,079,250** | **55.9%** | - The company has **extensive related-party transactions** with entities affiliated with the Pittas family for management, brokerage, and other services[564](index=564&type=chunk)[567](index=567&type=chunk)[569](index=569&type=chunk) **Fees Paid to Related Parties (2021)** | Related Party | Service | 2021 Fees | | :--- | :--- | :--- | | Eurobulk Ltd. | Management & Executive Services | $6.75 million | | Eurochart S.A. | Chartering & Acquisition Commissions | $1.73 million | | Sentinel & Technomar | Insurance & Crewing | $0.23 million | - In August 2019, the company **acquired four feeder containerships from affiliates of the CEO for $28.2 million**[570](index=570&type=chunk) [Financial Information](index=88&type=section&id=Item%208.%20Financial%20Information) The company reports no material legal proceedings and has suspended its common stock dividend since 2013 - The company reports **no material legal proceedings** other than routine litigation incidental to its business[579](index=579&type=chunk) - The quarterly dividend on common stock has been **suspended since November 2013** to preserve capital for investment[580](index=580&type=chunk) - **All Series B Preferred Shares were fully redeemed or converted** into common stock by June 2021, simplifying the capital structure[582](index=582&type=chunk)[941](index=941&type=chunk) [Additional Information](index=90&type=section&id=Item%2010.%20Additional%20Information) This section covers the company's Marshall Islands incorporation, anti-takeover provisions, and tax status - The company's authorized capital stock consists of **200,000,000 shares of common stock** and **20,000,000 shares of preferred stock**[598](index=598&type=chunk)[599](index=599&type=chunk) - **Anti-takeover provisions are in place**, including a classified Board of Directors, 'blank check' preferred stock authority, and a shareholder rights plan[612](index=612&type=chunk)[613](index=613&type=chunk)[614](index=614&type=chunk) - The company is incorporated in the Marshall Islands and believes it is **exempt from U.S. federal income tax on its U.S.-source shipping income**[625](index=625&type=chunk)[631](index=631&type=chunk) - The company **does not believe it will be a Passive Foreign Investment Company (PFIC)** for U.S. federal income tax purposes[241](index=241&type=chunk)[655](index=655&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=101&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include interest rate volatility on floating-rate debt and foreign currency fluctuations - The company is exposed to interest rate risk on its floating-rate debt, with **$119.0 million of floating-rate debt outstanding** as of December 31, 2021[678](index=678&type=chunk) - To manage interest rate risk, the company had interest rate swap contracts with a **notional amount of $40 million** as of December 31, 2021[677](index=677&type=chunk) - A hypothetical 100 basis point increase in interest rates would have **increased the net loss for 2021 by approximately $653,601**[678](index=678&type=chunk) - The company has foreign currency risk as approximately **25% of its vessel operating and drydocking expenses** in 2021 were in currencies other than the U.S. dollar[685](index=685&type=chunk) Part II [Controls and Procedures](index=102&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective - Management concluded that the company's disclosure controls and procedures were **effective as of December 31, 2021**[690](index=690&type=chunk)[692](index=692&type=chunk) - Management assessed internal control over financial reporting using the COSO 2013 framework and concluded it was **effective as of December 31, 2021**[694](index=694&type=chunk) - The company is a non-accelerated filer and is therefore **exempt from the requirement to include an auditor's attestation report** on internal controls[695](index=695&type=chunk) [Other Information](index=104&type=section&id=Item%2016.%20Other%20Information) This section covers audit committee composition, code of ethics, auditor fees, and governance compliance - The Board has determined that all members of the Audit Committee are **financial experts and independent** under SEC and Nasdaq rules[699](index=699&type=chunk) **Principal Accountant Fees** | Fee Category | 2021 (in thousands) | 2020 (in thousands) | | :--- | :--- | :--- | | Audit Fees | $267 | $259 | | Audit-Related Fees | - | - | | Tax Fees | - | - | | All Other Fees | - | - | | **Total** | **$267** | **$259** | - The company has **adopted a code of ethics**, which is available on its website[700](index=700&type=chunk) Part III [Financial Statements](index=105&type=section&id=Item%2018.%20Financial%20Statements) This section presents the audited consolidated financial statements and the independent auditor's report **Consolidated Balance Sheet Summary (As of Dec 31)** | (in millions) | 2021 | 2020 | | :--- | :--- | :--- | | **Assets** | | | | Total current assets | $32.9 | $9.7 | | Vessels, net | $176.1 | $98.5 | | **Total assets** | **$221.4** | **$110.6** | | **Liabilities & Equity** | | | | Total current liabilities | $37.1 | $28.6 | | Total long-term liabilities | $107.4 | $46.6 | | **Total liabilities** | **$144.6** | **$75.2** | | Mezzanine Equity (Preferred) | $0.0 | $8.0 | | **Total shareholders' equity** | **$76.9** | **$27.3** | **Consolidated Statement of Operations Summary (Year Ended Dec 31)** | (in millions) | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Time charter revenue | $98.0 | $55.7 | $41.8 | | Total operating expenses, net | $48.2 | $44.0 | $38.0 | | **Operating income** | **$45.7** | **$9.3** | **$2.0** | | **Net income / (loss)** | **$43.0** | **$4.0** | **($1.7)** | | Net income / (loss) attributable to common shareholders | $42.4 | $3.3 | ($3.5) | **Consolidated Statement of Cash Flows Summary (Year Ended Dec 31)** | (in millions) | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $52.6 | $2.4 | $3.2 | | Net cash (used in) / provided by investing activities | ($74.1) | $16.3 | ($55.7) | | Net cash provided by / (used in) financing activities | $46.6 | ($18.3) | $45.2 | | **Net change in cash** | **$25.2** | **$0.4** | **($7.3)** | | Cash at end of year | $31.5 | $6.3 | $5.9 |

Euroseas Ltd. (NASDAQ:ESEA) Q4 2021 Earnings Conference Call February 15, 2022 10:30 AM ET Company Participants Aristides Pittas - Chairman and CEO Tasos Aslidis - CFO Conference Call Participants Tate Sullivan - Maxim Group Poe Fratt - Noble Capital Markets Operator Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Fourth Quarter 2021 Financial Results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief ...

1 Earnings Presentation Full Year & Quarter Ended December 31, 2021, 2022 February 15, 2022 Forward-Looking Statements Statements in this presentation may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed o ...

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