Euroseas Q1 2024 report

Industry Discussions Shipping News
1

Euroseas (ESEA) reported Q1 2024 results on 05/23

  • Rev of $46.7M
  • Adjusted EBITDA of $24.6M
  • Net income of $20M
  • Fleet TCE of $27,806
  • Dividend of 60c/sh

https://seekingalpha.com/pr/19736043-euroseas-ltd-reports-results-for-quarter-ended-march-31-2024-and-declares-quarterly-common?hasComeFromMpArticle=false

ESEA has been buying back shares - abt 400K shares in Q1 2024. This is significant given the company has less than 7M shares outstanding. Three vessels have completed dry docks in 2024. ESEA has also taken delivery of 3 more newbuilds in 2024. Rates for the new vessels are decent for the vessel size (2800-TEU) @ $17K & $20K. But the rates are less than half of what the first two newbuilds received @ $48K daily. The third 2024 build is a smaller vessel (1700-TEU) and has a $16K daily charter for one year.

Four more newbuilds to deliver. ESEA has spent $8M on share buybacks. Are ESEA mgmt that comfortable with the financing situation?

2 Likes
2

Had not seen this item in the ESEA report. But it is mentioned in the CC. ESEA have announced plans to sell an older 2800-TEU vessel, MV Astoria.

https://seekingalpha.com/article/4695389-euroseas-ltd-esea-q1-2024-earnings-call-transcript

Selling for $10M and booking a profit. Given the vessel is around 20-yo, I suspect it did not have significant leveage. The CC transcript also has some helpful container shippings details and charter updates