Euroseas Ltd.(Marshall Islands) - ESEA STOCK NEWS

Euroseas Ltd. (NASDAQ: ESEA) has announced the extension of charters for two of its container vessels, M/V EM Kea and M/V EM Hydra. The M/V EM Kea, a 3,100 TEU vessel, will enter a 36-month charter at a gross daily rate of $19,000 starting June 2023. Meanwhile, the M/V EM Hydra, a 1,740 TEU vessel, has secured a charter extension ranging from 12 to 15 months at a gross daily rate of $15,000, commencing in May 2023. These contracts will generate over $24 million in net charter revenues and contribute more than $13 million in EBITDA during the charter period. The company indicates a strong market for feeder containerships with an 85-90% charter coverage over the next year, supported by a recent market strengthening of 15-20%.

Euroseas Ltd. (NASDAQ:ESEA) announced the delivery of M/V Gregos, a new 2,800 TEU feeder containership, on April 6, 2023. Built by Hyundai Mipo Dockyard, the vessel complies with EEDI Phase 3 and features a Tier III engine with sustainability-linked enhancements, including AMP. The financing for the vessel was secured through a combination of internal funds and a sustainability-linked loan from Eurobank S.A. M/V Gregos has commenced a charter with Asyad Lines, expected to generate over $42 million in EBITDA, translating to approximately $6 per share. This delivery marks the first of nine vessels in the company's newbuilding program, which aims to grow Euroseas' environmentally friendly fleet, enhancing efficiency by over 40% compared to older models.

Euroseas Ltd. (ESEA) announced a new charter for its container vessel, the M/V Synergy Keelung, which was built in 2009. The vessel will operate under a time charter for 24 to 26 months, starting in April 2023, at a gross daily rate of $23,000, generating approximately $10 million in EBITDA over the contract's duration. Chairman and CEO Aristides Pittas highlighted the charter's favorable terms as indicative of a strengthening containership market. This development enhances Euroseas' fleet profile, demonstrating resilience amidst recent market adjustments.

Euroseas Ltd. (NASDAQ: ESEA), an operator of container carrier vessels, reported its financial results for the fourth quarter and full year ended December 31, 2022. The company achieved total net revenues of $42.9 million in Q4 2022, a 12.1% increase from Q4 2021, while full-year revenues reached $182.7 million, up 94.6% year-over-year. Net income for Q4 was $20.3 million with earnings per share of $2.87. Adjusted EBITDA for the full year was $114.4 million. Euroseas also declared a $0.50 quarterly dividend per share. However, the company faces challenges with market conditions and increased operating expenses due to external factors.