Wednesday, January 08, 2025
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Planned spin-off of older vessels. On January 7, Euroseas held an investor call to discuss its planned spin off the company’s three older vessels into a separate company, Euroholdings Ltd., which has applied for a listing on the NASDAQ Capital Market. The three unlevered vessels include M/V Aegean Express, M/V Diamantis P, and M/V Joanna. In exchange for contributing the three vessels, Euroseas will receive 100% of the shares of Euroholdings, which will then be distributed to its shareholders.
Euroseas to modernize its fleet. Following the spin-off, Euroseas will own 22 vessels, including 15 feeder and 7 intermediate containerships with 2 under construction. Euroseas will be positioned to expand its fleet of modern, eco-friendly containerships, with the goal of becoming a significant competitor in the feeder/intermediate containership segment. A modern and fuel-efficient fleet should command premium rates and longer contracts resulting in greater profitability and earnings visibility.
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