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Euroseas Ltd. (ESEA) - Forward Visibility High and Improving

Friday, August 13, 2021

Euroseas Ltd. (ESEA)
Forward Visibility High and Improving

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.

    Tight supply and higher container rates are positives for upcoming charters. Based on Contex indices, rates have continued to move up in 3Q2021 and term charters remain common. Our current EBITDA estimates assume that the Corfu/Evridiki/Astoria/Aegean Express feeders will soon secure longer term work at charter rates in the north of $25.0k/day ranges and the Oakland will remain chartered at close to the current TCE rate.

    Fine tuning 2021 EBITDA estimate to $47.4 million based on TCE rates of $17.4k/day.  The Diamantis P charter expanded forward cover to 96% at TCE rates of $16.7k/day. Forward cover was already high but the recent Spetses and Diamantis P charters had a positive impact and moved the average rate up by $1.0k/day. Since the container market has been stronger than expected and charters have become ...

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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