Euroseas(US:ESEA)2023-08-10 07:59Financial Performance - Net Revenues for Q2 2023 were $47.7 million[6], a decrease of 1.6% compared to $48.48 million in Q2 2022[77] - Net Income for Q2 2023 was $28.9 million, or $4.15 per share[6], a decrease of 6.1% compared to $30.75 million in Q2 2022[77] - Adjusted EBITDA for Q2 2023 was $30.6 million[6], a decrease of 10.5% compared to $34.18 million in Q2 2022[77] - The company declared a quarterly dividend of $0.50 per common share[21] Fleet and Operations - The current fleet comprises 19 vessels with a total carrying capacity of 58,900 TEU and an average age of 15.9 years[26] - The company repurchased 396,615 shares of its common stock for approximately $8.1 million under a $20 million share repurchase plan[7] - M/V Terataki was delivered on July 6, 2023, and commenced a 36-40 month charter at $48,000 per day[9] - Charter coverage is approximately 93% for 2023 and almost 64% for 2024[29] Market Overview - The idle fleet was 0.28 million TEU as of July 17, 2023, representing 1.1% of the total fleet[36] - Container volumes fell by 2.0% year-over-year[45] - The company estimates additional debt of around $165 million will be assumed to finance the newbuilding program[80]