Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2025 and Declares Quarterly Common Stock Dividend

Core Viewpoint - Euroseas Ltd. reported strong financial results for the first quarter of 2025, with significant increases in net revenues and net income, reflecting a robust containership market and effective fleet management strategies [1][4][10]. Financial Performance - Total net revenues for Q1 2025 were $56.3 million, a 20.6% increase from $46.7 million in Q1 2024 [6][10]. - Net income for the period was $36.9 million, compared to $20.0 million in the same quarter of the previous year [10]. - Adjusted net income was $26.2 million, or $3.76 per share, up from $18.5 million, or $2.67 per share, in Q1 2024 [19][56]. - Adjusted EBITDA reached $37.1 million, compared to $24.6 million in Q1 2024 [17][53]. Fleet and Operations - The company operated an average of 23.68 vessels in Q1 2025, compared to 19.60 vessels in Q1 2024, with an average time charter equivalent rate of $27,563 per day [10][23]. - Fleet utilization was 99.2% in Q1 2025, slightly down from 99.7% in Q1 2024 [23]. - Daily vessel operating expenses decreased to $6,676 from $7,276 in the same quarter of the previous year, attributed to lower operating costs of newer vessels [8][23]. Market Outlook - The containership market showed strength, particularly in the smaller feeder segment, with nearly 100% charter coverage for 2025 and over 65% for 2026 [4][6]. - Despite challenges from a high overall orderbook and geopolitical uncertainties, the fundamentals for feeder and intermediate containerships remain favorable due to historically low orderbooks in these segments [5][4]. Shareholder Returns - The company declared a quarterly dividend of $0.65 per share for Q1 2025, payable on July 16, 2025 [6][7]. - Euroseas has repurchased 463,074 shares for approximately $10.5 million as part of a $20 million share repurchase plan initiated in May 2022 [6][7]. Strategic Initiatives - The company is focused on modernizing its fleet, including retrofitting vessels with energy-saving devices and transferring older ships to a spin-off company [7][4]. - Euroseas aims to identify attractive investment opportunities to enhance shareholder value and drive sustainable returns [7].