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Euroseas Ltd. (ESEA) - Another New Charter Boosts EBITDA Estimate Again

Friday, May 07, 2021

Euroseas Ltd. (ESEA)
Another New Charter Boosts EBITDA Estimate Again

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables; and drybulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers. As of March 31, 2017, it had a fleet of seven containerships; and six drybulk carriers, including three Panamax drybulk carriers, one Handymax drybulk carrier, one Kamsarmax drybulk carrier, and one Ultramax drybulk carrier. The company was founded in 2005 and is based in Maroussi, Greece.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Another positive charter. Yesterday, a new charter on the Hydra, a 2005-built 1,740 TEU feeder vessel, was announced. The Hydra will be charter for at least 23 months and as long as 25 months at a TCE rate of $20.0k/day, or well above the current TCE rate of $7.2k/day. The new rate will kick in by the end of May once the Hydra is redelivered from the current charterer.

    Fine-tuning 2021 EBITDA estimate to reflect new charter.  To reflect the positive impact of the Hydra charter, we are moving 2021 EBITDA to $37.5 million based on TCE rates of $16.2k/day from $35.4 million based on TCE rates of $15.8k/day ...




This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 



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