Core Insights - Noor Darwish, a former management consultant at BCG, has shifted his investment strategy to focus on companies trading at significant discounts to their net asset value or liquidation value, as well as crypto-related equities [1] - In February 2023, Noor fully rotated his portfolio into crypto, investing in GDLC at $6 per share and selling at $21, achieving a 250% portfolio gain, which outperformed both Bitcoin and the broader market [1] - Noor has also transitioned into other Grayscale private placements, which yielded an 80% gain in 6 months, and relocated to Puerto Rico to benefit from a 0% capital gains tax rate under the Act 60 program [1] Investment Strategy - The investment focus is on companies with substantial discounts to net asset value or liquidation value, indicating a value-oriented approach [1] - The strategy includes a significant allocation to cryptocurrencies, reflecting a trend towards digital assets [1] - The decision to move to Puerto Rico is aimed at optimizing tax efficiency for capital gains, particularly in anticipation of future gains from crypto investments [1] Company Operations - Noor runs OverApply, a job application service that automates the job search process for clients, having applied to over 300,000 jobs resulting in more than 4,000 interviews and 500 job offers [1]

Core Insights - Noor Darwish, a former management consultant at BCG, focuses on investing in companies trading at significant discounts to their net asset value or liquidation value, as well as crypto-related equities [1] - In February 2023, Noor fully rotated his portfolio into crypto, investing in GDLC at $6 per share and selling at $21, achieving a 250% portfolio gain, which outperformed both Bitcoin and the broader market [1] - Noor has also transitioned to other Grayscale private placements, which yielded an 80% gain in 6 months, and relocated to Puerto Rico to benefit from a 0% capital gains tax rate under the Act 60 program [1] Investment Strategy - The investment strategy includes focusing on substantial discounts to net asset value and liquidation value, alongside crypto investments [1] - The successful rotation into crypto and subsequent sales highlight a strategy that capitalizes on market volatility and growth potential in the crypto sector [1] - The move to Puerto Rico is a strategic decision to maximize tax efficiency on capital gains, particularly in anticipation of future gains from crypto investments [1] Job Application Service - Noor operates OverApply, a job application service that allows clients to outsource their job search, resulting in over 300,000 job applications, 4,000 interviews, and 500 job offers [1]

Financial Data and Key Metrics Changes - For Q4 2024, Euroseas reported total net revenues of $53.3 million, an 8.7% increase from $49.1 million in Q4 2023 [44] - Net income for Q4 2024 was $24.4 million, slightly down from $24.7 million in Q4 2023 [44] - Adjusted EBITDA for Q4 2024 increased to $32.8 million from $32.4 million in the same period last year [45] - For the full year 2024, total net revenues were $212.9 million, a 12.4% increase from $189.4 million in 2023 [47] - Net income for 2024 was $112.8 million, down from $114.5 million in 2023 [47] - Adjusted EBITDA for 2024 rose to $135.8 million from $123.6 million in 2023 [48] Business Line Data and Key Metrics Changes - The overall fleet utilization rate for Q4 2024 was 99.6%, compared to 99.9% in Q4 2023 [50] - The average time charter equivalent rate for Q4 2024 was $26,479 per day, down from $29,266 per day in Q4 2023 [50] - Operating expenses per vessel per day decreased to $7,728 in Q4 2024 from $7,932 in Q4 2023 [50] - For the full year 2024, the average time charter equivalent rate was just above $28,000 per day, down from $29,700 in 2023 [52] Market Data and Key Metrics Changes - In Q4 2024, containership charter rates experienced a slight decline, with the 6- to 12-month charter rate for 2,500 TEU containerships at approximately $32,500 per day, significantly higher than the 10-year average of $16,500 [18][19] - Feeder vessel rates decreased by 9% in Q4 2024, while rates for Panamax and post-Panamax vessels rose [21] - Average secondhand prices increased by approximately 7% compared to Q3 2024, but remain about 50% below peak levels reached during the pandemic [21] - The idle fleet stood at 0.2 million TEU, or just 0.6% of the fleet, as of February 2025 [22] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through dividends and share repurchase programs, with a quarterly dividend of $0.65 declared for Q4 2024 [7] - Euroseas is also looking for growth opportunities to enhance shareholder returns, supported by a strong cash position [42] - The company has contributed older vessels to a subsidiary, Euroholdings Ltd., and plans to distribute shares to shareholders [12][14] Management Comments on Operating Environment and Future Outlook - Management highlighted the uncertainty in the container shipping market due to geopolitical risks and trade policies, which could impact medium-term growth prospects [24][28] - The IMF projects stable yet underwhelming global economic growth, with the US expected to grow at 2.7% while other advanced economies face stagnant growth [25] - The container demand outlook for 2025 remains murky, with projected trade growth declining by 1% due to various factors [28] Other Important Information - The company has repurchased 425,000 shares since initiating its buyback program in May 2022, totaling approximately $9.25 million [9] - The average age of the fleet is about 13.5 years, with a total carrying capacity of just under 71,000 TEU [15] Q&A Session Summary Question: Will Euroseas' income statements be based on the drop-down as of January 8? - Yes, the income statements will reflect the drop-down as of January 8 [66] Question: What are the expected scheduled off-hire days for 2025? - The company expects about 70 to 75 days for dry dockings in 2025, with minimal commercial off-hire due to high charter rates [72] Question: What is the current market rate for the M/V Oakland? - The current market rate for the M/V Oakland is around $35,500, not the previously mentioned $42,000 [74] Question: Will the distribution happen on March 17, and will Euroholdings start trading on March 18? - The distribution is expected to occur on March 17, and Euroholdings is likely to start trading on the same day [81] Question: Can you explain the increase in G&A expenses in Q4? - The increase was due to year-end bonuses, not primarily related to the spin-off [91] Question: What are the newbuild payment schedules for 2025 and beyond? - There are no payments due in 2025, with $12 million due for both vessels in 2026 [104]