Euroseas Is Chartering At Elevated Rates Thanks To The Red Sea, But Remains A Hold

Thierry Dosogne This article analyzes Euroseas Ltd. (NASDAQ:ESEA) 2Q24 earnings results and the company's valuation. On the business side, the company is still enjoying profitable $40k/day contracts landed during the bottlenecks of 2021/22, helping it maintain a $30k/day+ TCE and good profitability. The company's new ships are being chartered at rates ranging from $16k to $25k, aided by conflict in the Red Sea, albeit for short periods. ESEA's contract maturities this year will probably be chartered at good ...