Ετικέτα: Euroseas

Euroseas: Παρέλαβε το πλοίο «Terataki»

Ακόμη ένα πλοίο παρέλαβε πρόσφατα η εισηγμένη ναυτιλιακή εταιρεία Euroseas, του Αριστείδη Πίττα.
Πρόκειται για το M/V «Terataki, ένα πλοίο μεταφοράς κοντέινερ, Eco 2.800 teu feeder containership, το οποίο ναυπηγήθηκε στο ναυπηγείο Hyundai Mipo Dockyard Co. της Νοτίου Κορέας.
Το πλοίο είναι εξοπλισμένο με κινητήρα Tier III και άλλα χαρακτηριστικά που συνδέονται με τη βιωσιμότητα, συμπεριλαμβανομένης της εγκατάστασης AMP (εναλλακτική θαλάσσια δύναμη). Η ναυπήγησή του χρηματοδοτήθηκε με συνδυασμό ιδίων κεφαλαίων και με δάνειο από την Εθνική Τράπεζα της Ελλάδος.
Μετά την παράδοσή του ξεκίνησε ναύλωση τριάντα έξι έως σαράντα μηνών από την Asyad Lines.
Ο πρόεδρος και διευθύνων σύμβουλος της Euroseas, Αριστείδης Πίττας, σχολίασε σχετικά: «Είμαστε χαρούμενοι που παραλάβαμε το M/V “Terataki”, το δεύτερο σκάφος από το πρόγραμμα νεότευκτων εννέα σκαφών μας το οποίο περιλαμβάνει τέσσερις επιπλέον μονάδες 2.800 teu και τρεις μονάδες 1.800 teu, όλες με μοντέρνες οικολογικές σχεδιάσεις, με οικονομία καυσίμου και με κινητήρες Tier III.
Το M/V “Terataki” έχει ήδη ξεκινήσει ναύλωση που αναμένεται να συνεισφέρει άνω των 42 εκατ. δολαρίων EBITDA (ή περίπου έξι δολαρίων EBITDA ανά μετοχή) στην εταιρεία. Το πρόγραμμά μας για νέες κατασκευές αποτελεί στοιχείο της στρατηγικής μας για την ανάπτυξη της εταιρείας μας επενδύοντας σύγχρονα, ενεργειακά αποδοτικά πλοία με ελάχιστο αποτύπωμα άνθρακα. Από αυτή την άποψη, είναι αξιοσημείωτο ότι το M/V “Terataki” και τα υπόλοιπα νεόδμητά μας είναι 40%+ πιο αποδοτικά από την προηγούμενη γενιά παρόμοιου μεγέθους μη οικολογικά πλοία. Ανυπομονούμε για την παράδοση των υπόλοιπων νεότευκτων μας και συνεχίζουμε να παρακολουθούμε τις αγορές για να εντοπίσουμε αυξημένες ευκαιρίες για να επωφεληθούν από αυτές οι μέτοχοί μας».

Euroseas: Ναυπήγηση τριών containerships έναντι $102 εκατ.

Σε συμφωνία ναυπήγησης τριών πλοίων μεταφοράς εμπορευματοκιβωτίων προχώρησε η Euroseas Ltd. αυξάνοντας τον στόλο της στα 23 πλοία με χωρητικότητα φορτίου περίπου 66.971 teu.
Τα πλοία θα ναυπηγηθούν στο Hyundai Mipo Dockyard Co. στην Κορέα και έχουν προγραμματιστεί να παραδοθούν κατά το πρώτο εξάμηνο του 2024 (ένα το πρώτο και δύο το δεύτερο τρίμηνο του έτους). Το συνολικό τίμημα για την κατασκευή των τριών πλοίων είναι περίπου 102 εκατομμύρια δολάρια που η εισηγμένη στο Χρηματιστήριο της Νέας Υόρκης σκοπεύει να χρηματοδοτήσει με συνδυασμό χρέους και ίδια κεφάλαια. 
Ο Αριστείδης Πίττας, Πρόεδρος και Διευθύνων Σύμβουλος της Euroseas, σχολίασε:
«Είμαστε στην ευχάριστη θέση να ανακοινώσουμε την παραγγελία τριών σύγχρονων πλοίων μεταφοράς εμπορευματοκιβωτίων οικολογικού σχεδιασμού έτοιμα για LNG χωρητικότητας 1.800 teu το καθένα σε ένα από τα καλύτερα ποιοτικά ναυπηγεία στον κόσμο. Στο ίδιο ναυπηγείο δόθηκαν προηγούμενες παραγγελίες για τέσσερα πλοία χωρητικότητας 2.800 teu. Αυτή η παραγγελία συνεχίζει τη στρατηγική μας για περαιτέρω ανάπτυξη της Euroseas με τρόπο που εκμεταλλεύεται τη σχετική ελκυστικότητα των τιμών νεότευκτων σε σύγκριση με την τιμή των μεταχειρισμένων πλοίων· επιπλέον, βασίζεται στη δέσμευσή μας να έχουμε περιβαλλοντικά φιλικό στόλο και συμβάλλοντας στην προσπάθεια απανθρακοποίησης του κλάδου μας. Σε ένα αρκετά ταραχώδες και αβέβαιο οικονομικό και γεωπολιτικό περιβάλλον, παραμένουμε πολύ αισιόδοξοι για τις προοπτικές της αγοράς εμπορευματοκιβωτίων. Ανυπομονούμε να καλωσορίσουμε και τα επτά νεότευκτα στο στόλο μας τα επόμενα δυόμισι χρόνια, δημιουργώντας μια σειρά στόλου επικεντρωμένη στα πιο εμπορικά μεγέθη του κλάδου των πλοίων feeder μικρού μεγέθους».

Euroseas Ltd. Announces New Charters For Two Of Its Vessels, M/V “Evridiki G” and M/V “EM Corfu”

Euroseas Ltd., an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced the extension of the charter of its container vessels M/V “Evridiki G” and a new time charter contract for its container vessel M/V “EM Corfu”. Specifically:
M/V “Evridiki G”, a 2,556 TEU vessel built in 2001, entered into a new time charter contract for a period of between a minimum of thirty-six and a maximum of thirty-eight months at the option of the charterer, at a daily rate of $40,000. The new rate will commence on February 1, 2022.M/V “EM Corfu”, a 2,556 TEU vessel built in 2001, entered into a new time charter contract for a period of between a minimum of thirty-six and a maximum of thirty-eight months at the option of the charterer, at a daily rate of $40,000. The new rate will commence upon completion of the vessel’s drydocking in mid-February 2022.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce new charters for two of our vessels for periods of at least three years each at rates more than twice the levels of their existing employment. The new charters secure a minimum of $85m of contracted revenues and are expected to make an annualized EBITDA contribution in excess of $22.3m combined which is about $19m (or, at least, seven times) higher than their joint contribution over the last twelve months of about $3m. These new charters significantly improve both our profitability and cash flow visibility with our charter coverage for 2022 now exceeding 85% and for 2023 55%.
“Undoubtedly, the containership markets continue to show their strength and momentum as indicated by the rate and the duration of the above charters. We expect to be able to continue benefitting from the present strong market as there are another two of our vessels opening up for re-chartering within the next four months and, yet, another two vessels later in 2022. Furthermore, we started exploring chartering options for our two newbuildings which are expected to be delivered by the end of first and second quarters of 2023, respectively, as initially scheduled. If the present market levels continue, renewals of expiring charters should result in significant further increases in our profitability and employment coverage for the following years, providing a solid liquidity foundation for further growth of our company and rewards to our shareholders as our Board or Directors sees fit.”

Euroseas: Νέα χρονοναύλωση για δύο πλοία της

Σε 85 εκατ. δολάρια ανέρχεται το ύψος των εσόδων που εξασφάλισε η εισηγμένη στην αμερικανική χρηματαγορά Euroseas Ltd, συμφερόντων Αριστείδη Πίττα, από τη μακροχρόνια ναύλωση δύο πλοίων μεταφοράς εμπορευματοκιβωτίων.
Ειδικότερα, η εταιρεία ανακοίνωσε τη ναύλωση του «Evridiki G», χωρητικότητας 2.556 TEUs και κατασκευής 2001, για μία περίοδο 36 μηνών το λιγότερο και 38 μηνών το μέγιστο, με δικαίωμα option για επέκταση στον ναυλωτή έναντι 40.000 δολαρίων ημερησίως. Η ναύλωση θα ξεκινήσει την 1η Φεβρουαρίου.
Παράλληλα, προχώρησε σε ναύλωση με τις ίδιες προδιαγραφές και για το «EM Corfu», χωρητικότητας 2.556 TEUs και κατασκευής 2001, με τη συμφωνία να τίθεται σε ισχύ στα μέσα Φεβρουαρίου, όταν και θα ολοκληρωθεί ο δεξαμενισμός του πλοίου.
«Είμαστε στην ευχάριστη θέση να ανακοινώσουμε δύο νέες ναυλώσεις, διάρκειας τουλάχιστον τριών ετών για κάθε πλοίο, με υπερδιπλάσια ναύλα από αυτά των τωρινών ναυλώσεων των βαποριών. Οι νέες συμφωνίες θα αποφέρουν έσοδα από ναυλώσεις 85 εκατ. δολάρια κατ’ ελάχιστο και αναμένεται να συνεισφέρουν στα ετήσια EBITDA πάνω από 22,3 εκατ. δολάρια, ποσό που είναι περίπου 19 εκατ. δολάρια υψηλότερο από τη συνεισφορά των δύο πλοίων τους προηγούμενους δώδεκα μήνες», τόνισε ο πρόεδρος και CEO της Euroseas, Αριστείδης Πίττας.
Σύμφωνα με τον ίδιο, μετά τα νέα deals η κάλυψη του στόλου σε ναυλώσεις ξεπερνά το 85% το 2022 και το 55% το 2023.
«Αναμφίβολα, η αγορά των containerships συνεχίζει να δείχνει τη δυναμική της, όπως φαίνεται από το τίμημα και τη διάρκεια των δικών μας ναυλώσεων. Εκτιμούμε ότι θα συνεχίσουμε να επωφελούμαστε από την ισχυρή αγορά, καθώς υπάρχουν δύο ακόμη πλοία που τίθενται διαθέσιμα προς ναύλωση τους επόμενους τέσσερις μήνες και δύο ακόμα αργότερα το 2022», πρόσθεσε. «Την ίδια ώρα, ξεκινήσαμε να ψάχνουμε ναυλώσεις για τα δύο υπό ναυπήγηση βαπόρια μας, τα οποία αναμένεται να παραδοθούν μέχρι το τέλος του α΄ τριμήνου και το β’ τρίμηνο του 2023 αντίστοιχα. Αν διατηρηθούν τα παρόντα επίπεδα της αγοράς, η ανανέωση των ναυλώσεων που λήγουν θα αποφέρει σημαντική αύξηση στην κερδοφορία μας, δημιουργώντας ρευστότητα για περαιτέρω ανάπτυξη της εταιρείας και επιβράβευση των μετόχων μας», κατέληξε ο κ. Πίττας.
Η εταιρεία διαχειρίζεται σήμερα έναν στόλο από δεκαέξι containerships, χωρίς σε αυτά να υπολογίζονται τα υπό ναυπήγηση πλοία.

Euroseas Ltd. Expects Favorable Market Conditions Through the End of 2022

Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced its results for the three-month period ended March 31, 2021.
First Quarter 2021 Financial Highlights:
Total net revenues of $14.3 million. Net income of $3.8 million; net income attributable to common shareholders (after a $0.1 million of dividend on Series B Preferred Shares and a $0.1 million of preferred deemed dividend arising out of the redemption of approximately $2 million of Series B Preferred Shares in the first quarter of 2021) of $3.6 million or $0.53 per share basic and diluted. Adjusted net income attributable to common shareholders1 for the period was $3.0 million or $0.45 per share basic and diluted.
Adjusted EBITDA1 was $5.6 million.
An average of 14.0 vessels were owned and operated during the first quarter of 2021 earning an average time charter equivalent rate of $12,134 per day.
The Company declared a dividend of $0.1 million on its Series B Preferred Shares. The dividend will be paid in cash.
Additional announcement:
The Company has completed its first Environment, Social & Governance (“ESG”) report which will be available on its web site on May 26, 2021.
Aristides Pittas, Chairman and CEO of Euroseas commented: “Over the last three months, the containership markets have continued their upward path exceeding their previous peak of 2008 and coming within reach to challenge their all-time highs last observed in 2005. Recovering demand and inefficiencies in container transport logistics, like port congestion, crew replacement and COVID related protocols, have been combined with modest supply growth to support the present market levels. The higher rates, naturally, have had a very positive effect on our profitability which is to further increase as the remaining of our vessels will renew their legacy charters during the following 4-5 months. In addition to chartering our vessels at higher rates, the strong market has allowed us to pursue charters of longer periods, of two or more years, thus, establishing visibility of our earnings well into next year and even 2023.
“We believe that the favorable market fundamentals will continue over the remainder of this and the next year as world economies are projected to continue recovering from their pandemic induced slowdowns and to register strong growth rates while, in parallel, vessel deliveries are expected to be modest over the same period.
“Our strategy is focused on ensuring that Euroseas remains a significant participant in the feeder/intermediate containership segment, expanding in a risk measured and accretive manner and using our public listing as a potential platform to consolidate privately owned vessels or fleets. Furthermore, as our liquidity increases, we are evaluating possible uses of any accumulated funds in terms of further deleveraging our balance sheet, exploiting investment opportunities or rewarding our shareholders by re-instituting common stock dividends.
“Finally, we are pleased to have completed our first Environment, Social & Governance report. Our ESG responsibilities is an integral part of our strategy and our overall success and we look forward to regularly communicating our progress on this front to our shareholders and investors.”
Tasos Aslidis, Chief Financial Officer of Euroseas commented: “The results of the first quarter of 2021 reflect the increased charter rates our vessels earned due to the major recovery of the market compared to the same period of last year. Our net revenues decreased to $14.3 million in the first quarter of 2021 compared to $15.4 million during the same period of last year due to the lower number of vessels we operated in the first quarter of 2021. During the first quarter of 2021 we operated 14.0 vessels versus 19.0 vessels during the same period of last year.
“On a per-vessel-per-day basis, our vessels earned a 26.2% higher average charter rate in the first quarter of 2021 as compared to the same period of 2020. Again, on a per-vessel-per-day basis, the sum of vessel operating expenses, management fees and general and administrative expenses increased by 17.6% during the first quarter of 2021 as compared to the same period in 2020 which was attributable to increased supply of stores, increase in hull and machinery insurance premiums and the increased crewing costs for our vessels compared to the same period of 2020, resulting from difficulties in crew rotation due to COVID-19 related restrictions. We believe that we continue to maintain one of the lowest operating cost structures amongst the public shipping companies which is one of our competitive advantages.
“Adjusted EBITDA during the first quarter of 2021 was $5.6 million compared to $4.1 million achieved for the first quarter of 2020.”
“Finally, as of March 31, 2021, our outstanding debt (excluding the unamortized loan fees) is about $65.1 million versus restricted and unrestricted cash of about $6.4 million.”
First Quarter 2021 Results:
For the first quarter of 2021, the Company reported total net revenues of $14.3 million representing a 7.3% decrease over total net revenues of $15.4 million during the first quarter of 2020. On average, 14.0 vessels were owned and operated during the first quarter of 2021 earning an average time charter equivalent rate of $12,134 per day compared to 19.0 vessels in the same period of 2020 earning on average $9,615 per day. The Company reported a net income for the period of $3.8 million and a net income attributable to common shareholders of $3.6 million, as compared to a net income of $2.0 million and a net income attributable to common shareholders of $1.8 million for the first quarter of 2020.
Vessel operating expenses for the first quarter of 2021 amounted to $6.9 million as compared to $8.0 million for the same period of 2020. The decreased amount is due to the lower number of vessels owned and operated in the first quarter of 2021 compared to the corresponding period of 2020, partly offset by the increased crewing costs for our vessels compared to the same period of 2020, resulting from difficulties in crew rotation due to COVID-19 related restrictions, the increased supply of stores and the increase in hull and machinery insurance premiums. Depreciation expense for the first quarter of 2021 amounted to $1.6 million compared to $1.7 million for the same period of 2020 due to the decreased number of vessels in the Company’s fleet. Related party management fees for the first quarter of 2021 decreased to $1.1 million from $1.3 million for the same period of 2020 for the same reason. In the first quarter of 2021 and 2020, none of our vessels underwent drydocking and certain expenses were incurred in connection with upcoming drydockings; finally, during the first quarter of 2021, we had other operating income of $0.2 million relating to settlement of accounts with charterers of sold vessels.
Interest and other financing costs for the first quarter of 2021 amounted to $0.7 million compared to $1.3 million for the same period of 2020. This decrease is due to the decreased amount of debt and the decrease in weighted average LIBOR rate in the current period compared to the same period of 2020. For the three months ended March 31, 2021 the Company recognized a $0.48 million loss on its interest rate swap contract, comprising a $0.52 million unrealized loss and a $0.04 million realized gain.
Adjusted EBITDA1 for the first quarter of 2021 was $5.6 million, compared to $4.1 million achieved for the first quarter of 2020. Please see below for Adjusted EBITDA reconciliation to net income.
Basic and diluted earnings per share for the first quarter of 2021 was $0.53, calculated on 6,711,408 basic and 6,749,393 diluted weighted average number of shares outstanding compared to basic and diluted earnings per share of $0.32 for the first quarter of 2020, calculated on 5,576,960 basic and diluted weighted average number of shares outstanding.
Excluding the effect on the income attributable to common shareholders for the quarter of the unrealized gain on derivatives and the loss on sale of vessel, the adjusted earnings per share for the quarter ended March 31, 2021 would have been $0.45 per share basic and diluted, respectively, compared to adjusted earnings of $0.17 per share basic and diluted for the first quarter of 2020, after excluding amortization of below market time charters acquired. Usually, security analysts do not include the above items in their published estimates of earnings per share.
View Full Report

Euroseas: Νέα ναύλωση για το «EM Hydra» με υπερδιπλάσια κέρδη

Σύμβαση ναύλωσης για το πλοίο του στόλου της M/V «EM Hydra», χωρητικότητας 1.740 TEUs και κατασκευής 2005, εξασφάλισε η Euroseas, συμφερόντων Αριστείδη Πίττα, η οποία δραστηριοποιείται στα containerships.
Το νέο συμβόλαιο ναύλωσης είναι διάρκειας 23-25 μηνών, με τους μέσους ημερήσιους ναύλους να υπολογίζονται σε περίπου 20.000 δολάρια.
Η σύμβαση θα ξεκινήσει την περίοδο από 15 Μαΐου έως τις 25 Μαΐου, όταν δηλαδή το πλοίο θα παραδοθεί εκ νέου από τον τρέχοντα ναυλωτή του.
Ο πρόεδρος και διευθύνων σύμβουλος της Euroseas, Αριστείδης Πίττας, δήλωσε σχετικά:
«Είμαστε στην ευχάριστη θέση να ανακοινώσουμε τη νέα ναύλωση του πλοίου μας “EM Hydra” για τουλάχιστον 23 μήνες, με το ύψος του deal να είναι περίπου 2,5 φορές μεγαλύτερο από το επίπεδο της τρέχουσας ναύλωσής της.
Η νέα συμφωνία έρχεται λιγότερο από ένα μήνα μετά τη ναύλωση του “Joanna”, ένα πλοίο χωρητικότητας 1.732 TEUs και κατασκευής 1999, με το συμβόλαιό του να διαρκεί για τουλάχιστον 18 μήνες και με τους μέσους ημερήσιους ναύλους να διαμορφώνονται στα 16,800 δολάρια, δείγμα του πόσο έντονα συνεχίζει να αυξάνεται η αγορά.
Η νέα ναύλωση θα εξασφαλίσει τουλάχιστον 13,8 εκατ. δολάρια σε έσοδα και θα συνεισφέρει στα EBITDA κατά περίπου 9 εκατ. δολάρια».
Υπενθυμίζεται ότι η ναυτιλιακή, που δραστηριοποιείται στα containerships, κατέγραψε το 2020 αύξηση εσόδων κατά 33,2% στα 53,3 εκατ. δολάρια το 2020 από τα 40 εκατ. δολάρια το 2019. Τα καθαρά κέρδη διαμορφώθηκαν στα 4 εκατ. δολάρια έναντι ζημιών 1,7 εκατ. δολαρίων το 2019.
Η Euroseas διαχειρίζεται ένα στόλο 14 boxships, χωρητικότητας από 1.439 έως και 5.610 TEUs, εκ των οποίων 9 είναι feeder containerships και 5 intermediate container carriers.

Euroseas Ltd. Announces New Charters for Two of Its Charters, M/V “Synergy Busan” and M/V “EM Kea”

Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced the extension of the charter of its container vessels M/V “EM Kea” and a new time charter contract for its container vessel M/V “Synergy Busan”. Specifically:
The charter of M/V “EM Kea”, a 3,091 TEU vessel built in 2007, was extended for a period between a minimum of twenty-five and a maximum of twenty-eight months at the option of the charterer, at a daily rate of $22,000. The new rate will commence on April 25, 2021 about 2 months earlier than the latest expiration of the present charter.
M/V “Synergy Busan”, a 4,253 TEU vessel built in 2009, entered into a new time charter contract for a period of between a minimum of thirty-six and a maximum of forty months at the option of the charterer, at a daily rate of $25,000. The new rate will commence between June 9, 2021 and August 9, 2021 when the vessel will be redelivered from its current charterer.
Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are very pleased to announce new charters for two of our vessels for periods of at least two and three years, respectively, at rates more than twice the levels of their existing employment. The new charters secure a minimum of $40m of contracted revenues and make an annualized EBITDA contribution of approximately $11.5m which is about $9.0m higher than, or 4.5 times, their present contribution of about $2.5m, significantly improving our profitability and cash flow visibility.
“Undoubtedly, the containership markets have had a remarkable run over the last six months with all factors in the marketplace suggesting continuing strength. After these two charters, seven of our fourteen vessels would be earning higher rates reflective of the recent market recovery. If the present market levels continue, renewals of the five remaining charters with legacy rates expiring in 2021 should result in significant further increase in our profitability. The cash flow generated would be available to further strengthen our balance sheet, be used for further investment or for reinstitution of dividends or a combination thereof, as always, at the discretion of our Board or Directors.”
Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:

Notes:(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each time charter unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).(**)The CONTEX (Container Ship Time Charter Assessment Index) has been published by the Hamburg and Bremen Shipbrokers’ Association (VHBS) since October 2007. The CONTEX is a company-independent index of time charter rates for container ships. It is based on assessments of the current day charter rates of six selected container ship types, which are representative of their size categories: Type 1,100 TEU and Type 1,700 TEU with a charter period of one year, and the Types 2,500, 2,700, 3,500 and 4,250 TEU, all with a charter period of two years.

Euroseas Ltd. Announces New Charter for its M/V “Synergy Antwerp”

Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced the extension of the charter of its container vessel M/V “Synergy Antwerp”. Specifically:
M/V “Synergy Antwerp”, a 4,253 teu vessel built in 2008, was extended for a period of between thirty-two (32) and thirty-five (35) months in charterers’ option, at a daily rate of $18,000. The new rate will commence on January 1, 2021 and will replace the remaining three months of the present low-rate charter originally due to expire on March 31, 2021.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce the new charter for another one of our vessels, our M/V “Synergy Antwerp”, providing secured and very profitable employment for almost the next three years. M/V “Synergy Antwerp” is expected to make an EBITDA contribution of about $3.8 million per year, totaling more than $10.0 million for the duration of its new charter. This is the fourth vessel of our fleet which has recently been re-chartered at high rates.
“Both the rate as well as the duration of the charter are indicative of the quite strong market during the recent months and the expectation of the major charterers that it will likely remain so. There are seven of our vessels with charters expiring during the first half of 2021. Thus, if the present market levels continue, renewals of expiring charters should result in significant further increase in our profitability along with significant generation of funds that would be available to be used for further investment or reinstitution of dividend payments to our shareholders at the discretion of our Board or Directors.”

Euroseas Ltd. Reports Net Income of $3.5 Million

Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced its results for the three and nine-month period ended September 30, 2020.
Third Quarter 2020 Highlights:
Total net revenues of $12.3 million. Net income of $0.2 million; net income attributable to common shareholders (after a $0.2 million dividend on Series B Preferred Shares) of $0.03 million or $0.01 earnings per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $1.5 million or $0.261 per share basic and diluted.
Adjusted EBITDA1 was $1.2 million.
An average of 16.52 vessels were owned and operated during the third quarter of 2020 earning an average time charter equivalent rate of $8,403 per day.
The Company declared a dividend of $0.2 million on its Series B Preferred Shares as required. The dividend will be paid in-kind by issuing additional Series B Preferred Shares.
On August 3, 2020, the Company issued and sold 200,000 shares of its common stock through its at-the-market offering for net proceeds of approximately $0.7 million.
In September 2020, the Company completed the sale of M/V Ninos for a total of approximately $2.3 million of net proceeds of which $1.0 million was used to repay the outstanding loan of the vessel.
Nine Months 2020 Highlights:
Total net revenues of $41.3 million. Net income of $3.5 million; net income attributable to common shareholders (after a $0.5 million dividend on Series B Preferred Shares) of $2.9 million or $0.52 earnings per share basic and diluted. Adjusted net income attributable to common shareholders1 for the period was $0.9 million or $0.151 per share basic and diluted.
Adjusted EBITDA1 was $9.7 million.
An average of 18.17 vessels were owned and operated during the first nine months of 2020 earning an average time charter equivalent rate of $9,171 per day.Recent developments
In November 2020, the Company completed the sale of M/V EM Athens for a total of approximately $4.9 million of net proceeds of which $3.75 million was used to repay the outstanding loan of the vessel. Also, in November 2020, the Company made a supplementary payment of $125,000 in common shares for each of the four vessels it acquired in November 2019 pursuant to the terms of the purchase agreement. The payment was contingent to certain market indices exceeding an agreed upon level, and as a result, the Company issued a total of approximately 161,000 common shares.
Aristides Pittas, Chairman and CEO of Euroseas commented:
“Over the second and third quarters of this year we disposed four of our vessels, including the three eldest ones in our fleet, while in November we also sold the M/V EM Athens, a vessel that would have faced a significant drydocking expense later this year. After the above sales, our fleet numbers 14 vessels with an average age of 15.5 years. In parallel, since July, the feeder and intermediate containership markets have been getting stronger every week reaching –and for several size vessels exceeding – the highs observed over the last decade. If the present levels of rates are sustained, we expect that our vessels will generate significant cash flow and earnings, especially, when the present legacy charters are replaced with ones reflecting the levels of the market.
We are cautiously optimistic about the charter rate developments over the next year as we believe the potential return to normality after the pandemic could restore containerized trade to pre-pandemic -or, likely, higher- growth rates. Such a development when combined with the very low expected fleet growth, as the orderbook is at its lowest level of, at least, the last two decades, could support the current level of charter rates and even propel them to higher levels. We believe our current fleet is well positioned in terms of type and size of vessels to take full advantage of such developments.”
Tasos Aslidis, Chief Financial Officer of Euroseas commented:
“The results of the third quarter of 2020 reflect the increased net revenues compared to the same period of 2019 as we operated an average of 16.52 vessels, versus 13.5 vessels during the same period last year, partly offset by the slightly lower time charter rates our vessels earned in the third quarter of 2020 compared to the corresponding period of 2019. At the same time, total daily vessel operating expenses, including management fees, general and administrative expenses but excluding drydocking costs, during the third quarter of 2020, averaged $6,759 per vessel per day, as compared to $6,388 for the same period of last year and $6,234 per vessel per day for the first nine months of 2020 as compared to $6,348 per vessel per day for the same period of 2019. The increased operating expenses for the third quarter of 2020 is mainly due to increased crewing costs for our vessels compared to the same period of 2019, resulting from difficulties in crew rotation due to COVID-19 related restrictions. In that respect, we are pleased to report that we have been able to rotate the crews on all of our vessels; the safety and well-being of our crew and the safety of our vessel operations are our first priority.
Adjusted EBITDA during the third quarter of 2020 was $1.2 million versus $1.6 million in the third quarter of last year, and it reached $9.7 million versus $4.1 million for the respective nine-month periods of 2020 and 2019.
As of September 30, 2020, our outstanding debt (excluding the unamortized loan fees) was $75.5 million versus restricted and unrestricted cash of $4.8 million. As of the same date, our scheduled debt repayments over the next 12 months amounted to about $14.7 million excluding the unamortized loan fees).”
Third Quarter 2020 Results:
For the third quarter of 2020, the Company reported total net revenues of $12.3 million representing a 19.7% increase over total net revenues of $10.3 million during the third quarter of 2019 which was the result of the increased average number of vessels operating in the third quarter of 2020, partly offset by the lower time charter rates our vessels earned in the third quarter of 2020 compared to the corresponding period of 2019. The Company reported net income for the period of $0.2 million and net income attributable to common shareholders of $0.03 million, as compared to a net loss of $0.2 million and a net loss attributable to common shareholders of $0.3 million respectively, for the third quarter of 2019. The results for the third quarter of 2020 include a $0.3 million amortization of below market time charters acquired and a $1.3 million of net gain on sale of vessels. Related party management fees for the three months ended September 30, 2020 were $1.4 million compared to $0.9 million for the same period of 2019. The increase is due to the higher average number of vessels operated by the Company in the third quarter of 2020 as compared to the same period of 2019. Depreciation expense for the third quarter of 2020 was $1.6 million as compared to $1.1 million for the same period of 2019 due to the increased number of vessels operated by the Company.
Vessel operating expenses for the same period of 2020 amounted to $8.2 million as compared to $6.3 million for the same period of 2019. The increased amount is mainly due to the higher number of vessels owned and operated in the three months of 2020 compared to the same period of 2019. Additionally, some of our vessels incurred increased crewing costs in the third quarter of 2020 compared to the same period of 2019, resulting from difficulties in crew rotation due to COVID-19 related restrictions.
On average, 16.52 vessels were owned and operated during the third quarter of 2020 earning an average time charter equivalent rate of $8,403 per day compared to 13.5 vessels in the same period of 2019 earning on average $8,554 per day.
Interest and other financing costs for the third quarter of 2020 amounted to $0.9 million compared to $0.8 million for the same period of 2019. This increase is due to the increased amount of debt in the current period compared to the same period of 2019, partly offset by the decreased Libor rates of our bank loans during the period as compared to the same period of last year.
Adjusted EBITDA1 for the third quarter of 2020 was $1.2 million compared to $1.6 million achieved during the third quarter of 2019.
Basic and diluted earnings per share attributable to common shareholders for the third quarter of 2020 was $0.01 calculated on 5,708,610 basic and diluted weighted average number of shares outstanding, compared to basic and diluted loss per share of $0.10 for the third quarter of 2019, calculated on 3,283,551 basic and diluted weighted average number of shares outstanding.
Excluding the effect on the loss attributable to common shareholders for the quarter of the amortization of below market time charters acquired, the net gain on sale of vessels and the unrealized loss on derivative, the adjusted loss attributable to common shareholders for the quarter ended September 30, 2020 would have been $0.26 per share basic and diluted compared to an adjusted loss of $0.15 per share basic and diluted for the quarter ended September 30, 2019. Usually, security analysts do not include the above items in their published estimates of earnings per share.
Nine Months 2020 Results:
For the first nine months of 2020, the Company reported total net revenues of $41.3 million representing a 54.5% increase over total net revenues of $26.7 million during the first nine months of 2019, as a result of the increased average number of vessels combined with the higher time charter rates our vessels earned in the first nine months of 2020 compared to the corresponding period of 2019. The Company reported net income for the period of $3.5 million and net income attributable to common shareholders of $2.9 million, as compared to a net loss of $0.9 million and a net loss attributable to common shareholders of $2.5 million, respectively, for the first nine months of 2019. The results for the first nine months of 2020 include a $1.3 million net gain on sale of vessels, $1.5 million of amortization of below market time charters acquired, a $0.1 loss on write down of vessel held for sale and $0.6 million of unrealized loss on derivative. The results for the first nine months of 2019 include $0.2 million of amortization of below market time charters acquired and $0.04 million of unrealized gain on derivative. Related party management fees for the nine months ended September 30, 2020 were $4.0 million compared to $2.5 million for the same period of 2019. The increase is due to the higher average number of vessels operated by the Company in the first nine months of 2020 as compared to the same period of 2019. Depreciation expense for the first nine months of 2020 was $5.0 million compared to $2.7 million during the same period of 2019.
Vessel operating expenses for the same period of 2020 amounted to $24.7 million as compared to $16.1 million for the same period of 2019. The increased amount is mainly due to the higher number of vessels owned and operated in the nine months of 2020 compared to the same period of 2019.
Drydocking expenses amounted to $0.4 million for the nine months of 2020 (one vessel passed its intermediate survey in-water and two vessels their special survey in-water), compared to $1.2 million for the same period of 2019 where one of our vessels completed her special survey with drydock, another one completed her intermediate survey in-water and one vessel entered into drydock that was completed in the fourth quarter of 2019.
On average, 18.17 vessels were owned and operated during the first nine months of 2020 earning an average time charter equivalent rate of $9,171 per day compared to 11.83 vessels in the same period of 2019 earning on average $8,638 per day.
Interest and other financing costs for the first nine months of 2020 amounted to $3.3 million compared to $2.3 million for the same period of 2019. This increase is due to the increased amount of debt in the current period compared to the same period of 2019, partly offset by the decreased Libor rates of our bank loans during the period as compared to the same period of last year. Adjusted EBITDA1 for the first nine months of 2020 was $9.7 million compared to $4.1 million during the first nine months of 2019.
Basic and diluted earnings per share attributable to common shareholders for the first nine months of 2020 were $0.52, calculated on 5,621,159 basic and diluted weighted average number of shares outstanding compared to basic and diluted loss per share of $1.19 for the first nine months of 2019, calculated on 2,129,233 basic and diluted weighted average number of shares outstanding.
Excluding the effect on the income attributable to common shareholders for the first nine months of 2020 of the unrealized loss on derivative, the net gain on sale of vessels, the loss on write down of vessel held for sale and the amortization of the below market time charters acquired, the adjusted earnings per share attributable to common shareholders for the nine-month period ended September 30, 2020 would have been $0.15, compared to an adjusted loss of $1.30 per share basic and diluted for the same period in 2019. As mentioned above, usually, security analysts do not include the above items in their published estimates of earnings per share.
View Full Report

Euroseas Ltd. Announces Charter for its Intermediate-size Container Vessel, C/V Akinada Bridge, Declaration of Option for the C/V Synergy Oakland and Sale of C/V Ninos

Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced its container vessel, C/V “Akinada Bridge”, with capacity of about 5,600 teu and built in 2001, has extended her time charter contract for a minimum duration of twelve months and maximum duration of thirteen months and an additional ten to twelve months in charterers option, at a daily rate of $17,250 and $20,000 respectively. The new rate will commence on October 30th 2020.
Furthermore, the charterers of C/V Synergy Oakland have declared their option to extend her charter for another 8-12 months at a rate that is determined by the Contex-4,250 Index less 10%. This rate will be applied starting October 23rd, 2020. As of 9/17/2020 the Contex-4,250 index stands at $15,369 and is subject to change every Tuesday and Thursday each week.
In addition to the above, the company signed an agreement to sell C/V Ninos, a 1,169 teu vessel, built in 1990 for scrap for approximately $2.36m gross. The vessel is expected to be delivered to the buyer prior to September end.
Aristides Pittas, Chairman and CEO of Euroseas commented: The strength of the intermediate size containership market has provided us with an opportunity to extend the charter of our C/V Akinada Bridge at a rate that will significantly contribute to our cash flow for the following year. Its contribution will complement the contributions of our 15 intermediate and feeder vessels, a segment on which we are focusing our growth strategy and where we aspire to leverage our position as the only US public platform of smaller containerships to consolidate other vessels or fleets.
We are cautiously optimistic about the prospects of the containership market across all segments as fleet growth over the next couple of years is expected to be low by recent trends. We are encouraged with the starting recovery of the charter market in late July 2020, but we still believe that the economic uncertainties remain high due to both the possibility of recurrence of the COVID-19 pandemic and the continuing trade tensions between the U.S. and China, which affect the containership market.