Monday, January 06, 2025
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Spin-off of older vessels into a new entity. Euroseas announced that it intends to spin off the company’s three older vessels into a separate company, Euroholdings Ltd., which has applied for a listing on the NASDAQ Capital Market. The three unlevered vessels include M/V Aegean Express, M/V Diamantis P, and the M/V Joanna. In exchange for contributing the three vessels, Euroseas will receive 100% of the shares of Euroholdings, which will then be distributed to its shareholders.
Investor conference call. Euroseas does not expect the spin-off to have any impact on its growth strategy or dividend policy and expects to continue modernizing its fleet. Management believes Euroholding’s valuation will be supported by the company’s fleet profile, capital structure, and higher intended dividend distribution policy. Euroseas management will host a conference call and webcast to discuss the spin-off on January 7 at 9:00 a.m. ET.
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