Euroseas Q3 2023

Reported last week (11/09/23)

  • Revenue of $50.7M
  • Net income of $32.2M (adjust $28.2M)
  • Second newbuild delivered and started 3-year TC
  • Declared a div of 50c/sh
  • For company size, significant share buy-back

No idle or dry-docking during the quarter. Company estimates they need around $165M to fund their newbuild program. It is a significant amount for a company of ESEA’s size. However, if they pick up medium term charters similar to those attained by their first two newbuilds, financing might be easier. My guess is that $48K daily in the current environment might be more difficult. However, even $25K - $30K daily might be workable for the first couple.

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