Tuesday, August 03, 2021
Euroseas Ltd. (ESEA)
Another Positive Container Data Point
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.
Spetses feeder secures term charter at higher TCE rate. After the market closed yesterday, a new charter on the Spetses, a 2007-built 1,740 TEU feeder, was announced. The charter runs through August 2024 (a minimum of 36 months and maximum of 40 months) at a TCE rate of $29.5k/day.
No change to 2021-2 EBITDA estimates, but positive bias intact. We will adjust our EBITDA estimates when 2Q2021 operating results are out over the next week or so. Four feeders (Diamantis/Corfu/Evridiki/Astoria) and one intermediate (Oakland) are available for charter over the next six months, and recent charters on the Oakland intermediate and Spetses feeder set a positive tone …
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.
