Euroseas(US:ESEA) Globenewswire·2025-11-18 13:45Core Viewpoint - Euroseas Ltd. reported strong financial results for the third quarter and the first nine months of 2025, highlighting increased revenues, net income, and earnings per share, alongside a robust chartering strategy that enhances revenue visibility and earnings stability [5][26][39]. Financial Highlights Third Quarter 2025 Financial Highlights - Total net revenues reached $56.9 million, a 5.1% increase from $54.1 million in Q3 2024 [12][14]. - Net income was $29.7 million, compared to $27.6 million in the same period last year [12][14]. - Earnings per share were $4.27 (basic) and $4.25 (diluted), up from $3.97 and $3.95 respectively in Q3 2024 [23][24]. - Adjusted EBITDA was $38.8 million, an increase from $36.1 million in Q3 2024 [13][23]. Nine Months 2025 Financial Highlights - Total net revenues for the first nine months were $170.5 million, a 6.8% increase from $159.6 million in the same period of 2024 [26]. - Net income for the period was $96.5 million, compared to $88.4 million in the first nine months of 2024 [26]. - Earnings per share were $13.90 (basic) and $13.84 (diluted), up from $12.75 and $12.66 respectively in the same period last year [39][40]. - Adjusted EBITDA for the nine months was $115.2 million, compared to $102.9 million in the first nine months of 2024 [38]. Recent Developments - The company declared a quarterly dividend of $0.70 per share for Q3 2025, payable on December 16, 2025 [5]. - Euroseas repurchased 466,374 shares for approximately $10.5 million under its share repurchase plan [5]. - The company signed forward charters for five vessels, enhancing revenue visibility with expected EBITDA contributions of approximately $183 million during the charter periods [8][10]. Operational Insights - An average of 22.0 vessels were operated in Q3 2025, earning an average time charter equivalent rate of $29,284 per day [12][14]. - The company noted a strong charter coverage of about 75% for 2026 and over 50% for 2027, providing contracted revenues well into 2032 [8][9]. - The overall containership market faces challenges, but the intermediate and feeder sectors, where Euroseas operates, are expected to benefit from an aging fleet and limited new orders [10][11]. Fleet Profile - As of November 18, 2025, Euroseas operates a fleet of 21 container carriers with a total deadweight tonnage of 786,362 and a total TEU capacity of 61,144 [41]. - The company has four vessels under construction, expected to be delivered between 2027 and 2028, with time charters already secured [41].