Euroseas Q3 2024 report

Industry Discussions Shipping News
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11/20
ESEA Q3 results announced

  • Rev of $54.1M
  • Net Income of $27.6M
  • Avg TCE of $26,446 daily
  • Declared div of 60c/sh

https://seekingalpha.com/pr/19924195-euroseas-ltd-reports-results-for-nine-month-period-and-quarter-ended-september-30-2024#hasComeFromMpArticle=false

  • I guess, the big event (at least, IMO) was post-Q3 2024 - the order of two newbuild container vessels. Size not initially listed. But, upon scrolling to the fleet data, discover the vessels are Intermediates (old Panamax size of 4300-TEU).
  • ESEA has a share buy-back program in place. Will that be suspended for a short period to fund the newbuilds? $60M per vessel, or $120M total. I suspect the financing for the last two current newbuilds is already in place. If not, the 2.5-year contracts upon delivery should make financing relatively smooth.
  • Old vessels, new vessels - the Pittas family know they strength in the smaller-size container vessel segment.
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