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Euroseas Ltd   (ESEA)
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Price: $34.5700 $-0.69 -1.957%
Day's High: $36.59 Week Perf: -5.39 %
Day's Low: $ 34.37 30 Day Perf: -0.35 %
Volume (M): 28 52 Wk High: $ 42.29
Volume (M$): $ 954 52 Wk Avg: $26.48
Open: $35.84 52 Wk Low: $17.00



 Market Capitalization (Millions $) 249
 Shares Outstanding (Millions) 7
 Employees 6
 Revenues (TTM) (Millions $) 183
 Net Income (TTM) (Millions $) 106
 Cash Flow (TTM) (Millions $) 0
 Capital Exp. (TTM) (Millions $) 0

Euroseas Ltd

Our fleet consists of: (i) drybulk carriers that transport iron ore, coal, grain and other dry cargoes along worldwide shipping routes; (ii) containerships that transport container boxes providing scheduled service between ports.

Our business strategy is focused on providing consistent shareholder returns by carefully selecting the timing and the structure of our investments in drybulk and containership vessels and by reliably, safely and competitively operating the vessels we own, through our affiliate, Eurobulk. Representing a continuous shipowning and management history that dates back to the 19th century, we believe that one of our advantages in the industry is our ability to select and safely operate drybulk and containership vessels of any age.

We believe that we possess the following competitive strengths:
Experienced Management Team. Our management team has significant experience in all aspects of commercial, technical, operational and financial areas of our business. Aristides J. Pittas, our Chairman and Chief Executive Officer, holds a dual graduate degree in Naval Architecture and Marine Engineering and Ocean Systems Management from the Massachusetts Institute of Technology. He has worked in various technical, shipyard and ship management capacities and since 1991 has focused on the ownership and operation of vessels carrying dry cargoes. Dr. Anastasios Aslidis, our Chief Financial Officer, holds a Ph.D. in Ocean Systems Management also from Massachusetts Institute of Technology and has over 20 years of experience, primarily as a partner at a Boston based international consulting firm focusing on investment and risk management in the maritime industry.

Cost Effective Vessel Operations. We believe that because of the efficiencies afforded to us through Eurobulk, the strength of our management team and the quality of our fleet, we are, and will continue to be, a reliable, low cost vessel operator, without compromising our high standards of performance, reliability and safety. Despite the average age of our fleet being approximately 18.5 years during 2014, our total vessel operating expenses, including management fees and general and administrative expenses but excluding drydocking expenses were $6,320 per day for the year ended December 31, 2014. We consider this amount to be among the lowest of the publicly listed drybulk or containerships shipping companies in the United States. Our technical and operating expertise allows us to efficiently manage and transport a wide range of cargoes with a flexible trade route profile, which helps reduce ballast time between voyages and minimize off-hire days. Our professional, well-trained masters, officers and on board crews further help us to control costs and ensure consistent vessel operating performance. We actively manage our fleet and strive to maximize utilization and minimize maintenance expenditures for operational and commercial utilization.


Strong Relationships with Customers and Financial Institutions. We believe ourselves as well as Eurobulk and the Pittas family have developed strong industry relationships and have gained acceptance with charterers, lenders and insurers because of their long-standing reputation for safe and reliable service and financial responsibility through various shipping cycles. Through Eurobulk, we offer reliable service and cargo carrying flexibility that enables us to attract customers and obtain repeat business. We also believe that the established customer base and reputation of ourselves, Eurobulk and the Pittas family help us to secure favorable employment for our vessels with well-known charterers.

Our business strategy is focused on providing consistent shareholder returns by carefully timing and structuring acquisitions of drybulk carriers and containerships and by reliably, safely and competitively operating our vessels through Eurobulk. We continuously evaluate purchase and sale opportunities, as well as long term employment opportunities for our vessels.

Renew and Expand our Fleet. We expect to grow our fleet in a disciplined manner through timely and selective acquisitions of quality vessels. We perform in-depth technical review and financial analysis of each potential acquisition and only purchase vessels as market conditions and developments present themselves. We focus on purchasing well-maintained secondhand vessels, newbuildings or newbuilding resales based on the evaluation of each investment option at the time it is made. During 2014, we ordered or acquired the contracts of four drybulk carrier newbuildings and acquired one secondhand drybulk carrier.


Maintain Balanced Employment. We intend to employ our fleet between longer term time charters, i.e. charters with duration of more than a year, and shorter term time or spot charters, if possible. We actively pursue longer term time charters to obtain adequate cash flow to cover as much as possible of our fleets fixed costs, consisting of vessel operating expenses, management fees, general and administrative expenses, interest expense and drydocking costs for the upcoming 12-month period. We also may use forward freight agreements (to which we will refer as "FFA" or "FFAs") – as a substitute for time charter employment – to partly provide coverage for our drybulk vessels in order to increase the predictability of our revenues. We look to deploy the remainder of our fleet through spot charters, shipping pools or contracts of affreightment depending on our view of the direction of the markets and other tactical or strategic considerations. Our mix of short- and long-term charters is also based on our expectations about future market prospects; when we expect charter rates to improve we try to increase the percentage of our fleet employed in shorter term contracts (allowing us to take advantage of higher rates in the future), while when we expect the market to weaken we try to increase the percentage of our fleet employed in longer term contracts (allowing us to take advantage of higher current rates). We believe this balanced employment strategy will provide us with more predictable operating cash flows and sufficient downside protection, while allowing us to participate in the potential upside of the spot market during periods of rising charter rates.


Operate a Fleet in Two Sectors. While remaining focused on the dry cargo segment of the shipping industry, we intend to continue to develop a diversified fleet of drybulk carriers and containerships of up to Panamax size including Kamsarmax vessels. A diversified drybulk fleet profile will allow us to better serve our customers in both major and minor drybulk trades, as well as to reduce any dependency on any one cargo, trade route or customer. We will remain focused on the smaller size ship segment of the container market, which has not experienced the same level of expansion in vessel supply that has occurred with larger containerships. A diversified fleet, in addition to enhancing the stability of our cash flows, will also help us to reduce our exposure to unfavorable developments in any one shipping sector and to benefit from upswings in any one shipping sector experiencing rising charter rates.
Optimize Use of Financial Leverage. We will use bank debt to partly fund our vessel acquisitions and increase financial returns for our shareholders. We actively assess the level of debt we incur in light of our ability to repay that debt based on the level of cash flow generated from our balanced chartering strategy and efficient operating cost structure. Our debt repayment schedule as of December 31, 2014 calls for a reduction of more than 36% of our debt by the end of 2015 and an additional reduction of more than 36% by the end of 2016 for a total of more than 72% reduction over the two years, excluding any new debt that we assumed or may assume. As our debt is being repaid we expect that our ability to raise or borrow additional funds more cheaply in order to grow our fleet and generate better returns for our shareholders will increase.



   Company Address: 4 Messogiou & Evropis Street Maroussi 151 NJ
   Company Phone Number: 301-9091   Stock Exchange / Ticker: NASDAQ ESEA
   ESEA is expected to report next financial results on April 27, 2024.


Customers Net Income fell by ESEA's Customers Net Profit Margin fell to

-31.88 %

9.53 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


   

Stock Performances by Major Competitors

5 Days Decrease / Increase
     
NM        0.89% 
NMM   -6.96%    
SB      0% 
SBLK   -1.87%    
SFL   -4.83%    
TNP        2.1% 
• View Complete Report
   



Contract

Euroseas Ltd. Secures Long-Term Time Charter Contract for State-of-the-Art Vessel and Continues to Outperform Competitors in Revenue and Profitability Growth

Published Wed, Feb 28 2024 9:05 PM UTC

ATHENS, Greece, Feb. 28, 2024 - Euroseas Ltd. (NASDAQ: ESEA), a prominent owner and operator of container carrier vessels, has announced a significant milestone in its fleet expansion plan. The company has entered into a two-year time charter contract for its latest cutting-edge vessel, M/V Leonidas Z, which boasts fuel efficiency and a capacity of 2,800 twenty-foot equivale...

Product Service News

Euroseas Ltd.: Leading the Sustainable Shipping Revolution with M/V Tender Soul

Published Wed, Feb 7 2024 9:06 PM UTC

Euroseas Ltd., a renowned owner and operator of container vessels, has recently announced a significant milestone with the delivery of its newest vessel, M/V Tender Soul. This cutting-edge Eco EEDI Phase 3, 2,800 teu feeder containership was built by Hyundai Mipo Dockyard Co. in South Korea, showcasing the company's commitment to environmentally-friendly practices. Equipped ...

Contract

Euroseas Ltd.'s Strategic Voyage: New Charter Agreement and Spiking Supplier Sales Mark A Positive Outlook for 2024.

Published Thu, Jan 11 2024 9:05 PM UTC

Setting Sail Towards Advantageous Deals: Euroseas Ltd. Signs an Opportune Charter Contract Amid Rising Supplier SalesAthens-based Euroseas Ltd., a significant player in the global container carrier arena, raised some waves in the seafaring industry this week. The company (NASDAQ: ESEA), renowned for its provision of seaborne transportation for containerized cargoes, has begu...






 

Euroseas Ltd's Segments
 
 
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