Thursday, August 12, 2021
Euroseas Ltd. (ESEA)
Strong 2Q2021 Results and Term Charter on Diamantis
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.
Adjusted 2Q2021 EBITDA of $10.5 million in line with expectations after adjusting for claim award on a failed 1Q2020 sale of the Manolis P. Call with management today at 9am EST—number is (877) 553-9962 and code is Euroseas. TCE revenue of $18.8 million increased from $14.7 million in 1Q2021 due to a $2,719 move up in TCE rates to $14,853/day from $12,134/day and higher shipping days of 1,273 versus 1,219 in 1Q2021, with only one idle day versus 41 in 1Q2021.
Another feeder secured term charter at higher TCE rate. The Diamantis P, a 1998-built 2,008 TEU feeder, secured a charter through October 2024 (min of 36 months and max of 40 months) at a TCE rate of $27.0k/day (up from $6.6k/day). Three feeders (Corfu/Evridiki/Astoria) and one intermediate (Oakland) are available for charter over the next six months, and recent charters on the Oakland intermediate …
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.
