Euroseas Ltd. Reports Results for the Year and Quarter Ended December 31, 2024

Core Viewpoint - Euroseas Ltd. reported strong financial results for the fourth quarter and full year of 2024, highlighting increased revenues and net income, alongside strategic fleet management initiatives including a spin-off of older vessels and the acquisition of new eco-friendly ships [1][4][8]. Financial Highlights Fourth Quarter 2024 - Total net revenues reached $53.3 million, an increase of 8.7$49.1 million in Q4 2023, driven by a higher average number of vessels operated [12][14]. - Net income was $24.4 million, slightly down from$24.7 million in the same quarter of 2023, with earnings per share of $3.51 (basic) and$3.49 (diluted) [8][24]. - Average time charter equivalent rate was $26,479 per day, down from$29,266 per day in Q4 2023 [14][44]. Full Year 2024 - Total net revenues for the year were $212.9 million, a 12.4$189.4 million in 2023, attributed to a higher number of vessels operated [26]. - Net income for the year was $112.8 million, compared to$114.5 million in 2023, with earnings per share of $16.25 (basic) and$16.20 (diluted) [26][39]. - Average time charter equivalent rate for the year was $28,054 per day, down from$29,714 per day in 2023 [26][44]. Recent Developments - The company announced a spin-off of three older vessels into a new entity, Euroholdings Ltd., with plans to distribute shares to existing shareholders [4]. - Two new eco-friendly vessels were delivered in January 2025, equipped with advanced sustainability features and secured on long-term charters at $32,000 per day [5]. - The sale of the M/V Diamantis P for approximately$13.15 million resulted in a gain of about $10.2 million [6]. Fleet Management - The average number of vessels operated increased to 23.0 in Q4 2024 from 19.0 in Q4 2023, contributing to revenue growth [12][44]. - The fleet profile includes a mix of intermediate and feeder vessels, with a focus on modernizing the fleet and maintaining high utilization rates [41][44]. Market Outlook - The containership market has shown resilience, with rates for larger feeders increasing and a firm outlook for 2025 [9][10]. - Challenges include a high overall orderbook and potential shifts in trade patterns due to geopolitical factors, but the company remains optimistic about the feeder and intermediate segments [10][11].