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Euroseas Ltd. (ESEA) - Panel Comments and High Visibility Bolsters Outlook

Thursday, June 24, 2021

Euroseas Ltd. (ESEA)
Panel Comments and High Visibility Bolsters Outlook

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.

    Positive comments from yesterday's container panel at Marine Money Week bolsters outlook. Container market remains firm and favorable market thesis intact. Symeon Pariaros, Chief Administrative Officer of Euroseas participated on the panel entitled "The Containership Supply Squeeze" and confirmed that container vessel availability remains tight. While the past two years were negatively impacted by extreme factors, the container supply/demand fundamentals appear more favorable and viability has markedly improved.

    Higher container rates positive for upcoming charters.  Charters on four feeders and one intermediate expire before yearend 2021 and the renewal prospects remain strong. We estimate that the feeders (Spetses/Diamantis/Corfu/Evridiki) will secure longer term work at charter rates in the $20.0k-$25.0k/day range. At the same time, charter rates for the Oakland, an intermediate, appear to have moved up ...

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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