Vi e w p o i n t | 15 Jan 2026 21:45:46 ET │ 41 pages Asia Shipping Upgrade Yang Ming & COSCO Shipping to Buy on cash and valuation — We believe our previous YM lagging orderbook Sell thesis was appreciated and more than priced- in following share price decline of >20% since Jun25 and YM more than doubling orderbook since (expect more). At near trough 0.6x 2026E PBV in relation to 4% core ROE supported by 2026E NT$42/sh of net cash ex lease liability, we U/G YM to Buy (from Sell) with NT$68 TP based on 0.7x ...

Financial Performance - The company's net revenues for Q2 2025 were $5723 million, a decrease of 25% compared to $5872 million in Q2 2024[9, 63] - Net income for Q2 2025 was $2986 million, a decrease of 267% compared to $4075 million in Q2 2024[9, 63] - Adjusted EBITDA for Q2 2025 was $3932 million, a decrease of 69% compared to $4225 million in Q2 2024[9, 63] - For the first six months of 2025, net revenues were $11358 million, an increase of 77% compared to $10544 million in the first six months of 2024[63] - The company declared a quarterly dividend of $070 per share for Q2 2025[10] Fleet and Operations - The current fleet consists of 22 vessels with an average age of 128 years and a carrying capacity of 675k TEU[17] - The company has repurchased 463,074 shares of its common stock for approximately $105 million under a $20 million share repurchase plan[13] - For 2025, 9660% of available days have been secured at an average rate of ~$28,242/day[23] - For 2026, approximately 666% of available days are already covered at an average rate of $31,610/day[23] - The company signed an agreement to sell M/V Marcos V for $50 million, with delivery scheduled for October 2025[15]

Core Viewpoint - Euroseas Ltd. has secured a new time charter contract for its intermediate containership, M/V Emmanuel P, at a gross daily rate of $38,000 for a period of 36 to 38 months, reflecting the strength of the containership market and increasing future cash flow visibility [1][2]. Company Summary - Euroseas Ltd. operates in the container shipping market, managing a fleet of 22 vessels, including 15 feeder containerships and 7 intermediate containerships, with a total cargo capacity of 67,494 teu [7]. - The company is expected to generate over $32 million in EBITDA from the new charter contract, increasing charter coverage to approximately 97% for 2025, 67% for 2026, and 40% for 2027 [2]. - The average contracted daily rate for the company will rise to about $28,700 for the remainder of 2025, over $31,000 in 2026, and over $33,000 in 2027 [2]. Fleet Profile - After the new charter of M/V Emmanuel P, the fleet profile includes various intermediate and feeder containerships with different TCE rates, highlighting the company's diverse operational capabilities [3][4]. - The M/V Emmanuel P, built in 2005, will transition from a previous charter rate of $21,000 to the new rate of $38,000 upon completion of scheduled drydock and energy-saving device installations [1][3]. Future Outlook - Euroseas is set to expand its fleet to 23 vessels with a total carrying capacity of 69,744 teu after the delivery of two new intermediate containerships in 2027 [7]. - The company’s operations are managed by Eurobulk Ltd., which is responsible for the day-to-day commercial and technical management of the vessels [6].