Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. During the second quarter, the pace of investment and new construction at Sky Harbour continued to accelerate. Assets under construction and completed construction reached over $393 million, a $65 million increase year-to-date and the highest in six months in corporate history.
2Q26 Results. Sky Harbour 2Q26 revenue of $9.86 million rose nearly 50% y-o-y, driven by new campus openings in the past year and increases in occupancy and rental rates. Adjusted EBITDA improved to approximately negative $0.9 million in the second quarter of 2026 from a loss of $3.0 million in the second quarter of 2025. The Company reported a net loss of $1.2 million, or $0.04/sh, versus net income of $17.5 million, or $0.18/sh, in 2Q25, which was positively impacted by $21.8 million of unrealized gain on warrants.
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*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.
ATHENS, Greece, Aug. 13, 2026 (GLOBE NEWSWIRE) — 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 today its results for the three- and six-month periods ended June 30, 2026.
Second Quarter 2026 Financial Highlights:
Total net revenues of $56.5 million.
Net income attributable to controlling shareholders of $33.2 million or $4.77 and $4.74 earnings per share attributable to controlling shareholders basic and diluted, respectively.
Adjusted net income1 attributable to controlling shareholders for the period of $32.9 million or $4.73 and $4.70 adjusted earnings per share1 basic and diluted, respectively, which represents the net income attributable to controlling shareholders excluding the unrealized gain on investments in equity securities.
Adjusted EBITDA1 was $40.1 million.
An average of 21.0 vessels were owned and operated during the second quarter of 2026 earning an average time charter equivalent rate of $30,306 per day.
Declared a quarterly dividend of $0.80 per share for the second quarter of 2026 payable on or about September 16, 2026, to shareholders of record on September 9, 2026, as part of the Company’s common stock dividend plan.
As of August 13, 2026, we had repurchased 480,460 of our common stock in the open market, representing about 6.8% of the outstanding shares, for a total of about $11.36 million, since the initiation of our share repurchase plan of up to $20 million announced in May 2022.
First Half 2026 Financial Highlights:
Total net revenues of $112.3 million.
Net income attributable to controlling shareholders of $65.7 million or $9.44 and $9.39 earnings per share attributable to controlling shareholders basic and diluted, respectively.
Adjusted net income1 attributable to controlling shareholders for the period was $65.8 million or $9.45 and $9.40 adjusted earnings per share1 attributable to controlling shareholders basic and diluted, respectively.
Adjusted EBITDA1 was $81.0 million.
An average of 21.0 vessels were owned and operated during the first half of 2026 earning an average time charter equivalent rate of $30,330 per day.
___________________________ 1 Adjusted EBITDA, Adjusted net income and Adjusted earnings per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for Euroseas financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are pleased to report financial results for the second quarter of 2026 at par with the first quarter of the year, making these two of our most profitable consecutive quarters of the last fifteen years. Solid contracts at highly profitable rates, combined with low drydocking expenses, as in the previous quarter, were the main factors supporting our strong financial results.
“The containership charter market remained very strong during the second quarter, with daily rates continuing at high levels through July and into the beginning of August 2026, shrugging off geopolitical uncertainty and inflationary pressures. Charterer interest in securing vessels has remained high, including for older tonnage. Our charter coverage is over 95% for the remainder of 2026, 81% for 2027 and 47% for 2028, ensuring that our profitability will remain strong regardless of the levels at which expiring charters are renewed. Secondhand vessel prices across all segments have also remained very firm and have continued to inch upwards.
“The macroeconomic environment during the quarter was largely influenced by continuing uncertainty surrounding the war in Iran and its effects on the use of the Strait of Hormuz. Whether these effects will prove short-lived or will ultimately result in lower economic growth remains to be seen. At the same time, continuing attacks by Houthi rebels on shipping in the Red Sea have prevented major liner companies from resuming regular Suez Canal transits. This has increased the number of teu-miles required and, consequently, the number of vessels needed, supporting demand for tonnage and charter rates.
“The eventual reversal of these inefficiencies, together with the absorption of the increased fleet orderbook, presents challenges for our sector over the medium term. The vessel orderbook, however, although high for the overall containership fleet, is concentrated in the larger sizes. The segments in which we operate—feeder and intermediate containerships—not only have a significantly smaller orderbook as a percentage of the existing fleet but also have an older age profile. This is likely to result in very modest fleet growth, or potentially even fleet shrinkage, in these segments.
“On the investment front, we have expanded our newbuilding program to 12 vessels, focusing on the most commercial sizes within the feeder and intermediate containership segments. The vessels are scheduled for delivery from the third quarter of 2027 through the first quarter of 2029. Once all twelve vessels are delivered, we expect to have one of the youngest feeder and intermediate containership fleets in the industry. In addition, we continue to look for accretive investment opportunities in our sector, balancing project returns with residual value risks.
“Finally, I am also pleased to announce that our Board has decided to declare a dividend of $0.80 per share, representing an annualized yield of approximately 4.2% to 4.5% based on the recent range in which our share price has traded.”
Tasos Aslidis, Chief Financial Officer of Euroseas commented: “Our revenues for the second quarter of 2026 are slightly lower compared to the same period of 2025. This was the result of the lower average number of vessels owned and operated during the second quarter of 2026 compared to the same period of last year. On a per-vessel-per-day basis, our vessels earned a 3.0% higher average charter rate in the second quarter of 2026 as compared to the same period of 2025. Our net revenues decreased to $56.5 million in the second quarter of 2026 compared to $57.2 million during the same period of last year.
“Daily vessel operating expenses, including management fees but excluding drydocking costs, averaged $7,116 per vessel per day during the second quarter of 2026 as compared to $6,700 per vessel per day for the same quarter of last year. This was mainly the result of the falling value of the USD and the adjustment for inflation in the daily vessel management fee, effective from January 1, 2026, increasing it from 840 Euros to 875 Euros.
General and administrative expenses averaged $920 per vessel per day during the second quarter of 2026 as compared to $694 per vessel per day for the same quarter of last year, and $910 per vessel per day for the first half of 2026 as compared to $766 per vessel per day for the same period of 2025. The increase is due to increased professional fees and increased cost for our stock incentive plan within 2026 as compared to 2025.
“Adjusted EBITDA during the second quarter of 2026 was $40.1 million versus $39.3 million in the second quarter of last year. As of June 30, 2026, our outstanding debt (before deducting the unamortized loan fees) was $208.1 million versus restricted and unrestricted cash of $164.3 million. As of the same date, our scheduled bank debt repayments over the next 12 months amounted to about $18.1 million (before deducting the unamortized loan fees).”
Second Quarter 2026 Results: For the second quarter of 2026, the Company reported total net revenues of $56.5 million representing a 1.2% decrease over total net revenues of $57.2 million during the second quarter of 2025. This was the result of the lower average number of vessels owned and operated in the second quarter of 2026 compared to the same period of 2025, partly offset by the increase in the time charter rates our vessels earned in the second quarter of 2026 compared to the same period of 2025. On average, 21.0 vessels were owned and operated during the second quarter of 2026 earning an average time charter equivalent rate of $30,306 per day compared to 22.0 vessels in the same period of 2025 earning on average $29,420 per day.
For the second quarter of 2026, voyage expenses, net amounted to $0.2 million, as compared to voyage expenses of $0.3 million for the same period of 2025. Voyage expenses for both periods related mainly to owners’ expenses incurred in various ports.
Vessel operating expenses were $11.6 million in the second quarter of 2026 as compared to $11.5 million for the second quarter of 2025. The increase is due to the increased cost of vessel supplies during the period, because of the war in the Middle East region, partly offset by the lower average number of vessels owned and operated in the second quarter of 2026, compared to the corresponding period of 2025.
In the second quarter of 2026 none of our vessels were drydocked. The total drydock cost for the quarter of $0.2 million relates to supplies performed for upcoming drydocks. In the second quarter of 2025 one of our vessels completed extensive repairs afloat. The total drydock cost for the quarter was $1.7 million and also includes costs in relation to the upcoming drydockings.
Vessel depreciation for the second quarter of 2026 decreased to $6.7 million compared to $7.3 million for the same period of 2025 due to the decreased number of vessels in the Company’s fleet.
Related party management fees for the second quarter of 2026 increased to $1.96 million from $1.93 million for the same period of 2025. Despite the lower number of vessels in our fleet, this increase is due to the adjustment for inflation in the daily vessel management fee, effective from January 1, 2026, increasing it from 840 Euros to 875 Euros, as well as due to the unfavorable movement of the euro/dollar exchange rate.
Other operating expenses of $0.6 million recognized in the second quarter of 2026 refers to expenses incurred for the formation of the Partnership (as defined below) with a group of investors represented by NRP Project Finance AS (“NRP Investors”). For the second quarter of 2025 the Company recognized other operating income of $0.12 million from an insurance claim.
General and administrative expenses increased to $1.8 million for the second quarter of 2026, compared to $1.4 million for the second quarter of 2025, due to increased professional fees and increased cost for our stock incentive plan.
Interest and other financing costs for the second quarter of 2026 amounted to $2.7 million, compared to $4.0 million for the second quarter of 2025. This decrease is due to the decreased amount of average outstanding debt and the decreased benchmark rates of our loans in the current period compared to the same period of 2025.
For the three months ended June 30, 2026, the Company recognized a $0.3 million unrealized gain on its investments in equity securities, resulting from an increase in the fair value of the investments from $19.65 million as of March 31, 2026 to $19.95 million as of June 30, 2026. These investments, which had an initial cost of $20.0 million and were acquired in the first quarter of 2026 as part of the Company’s short-term cash and liquidity management strategy, are classified as investments in equity securities and measured at fair value through profit or loss in accordance with U.S. GAAP. As part of the same strategy, the Company also acquired debt securities with an initial cost of $20.0 million, classified as available-for-sale under U.S. GAAP, for which the fair value decreased from $19.182 million as of March 31, 2026 to $18.942 million as of June 30, 2026, resulting in an additional unrealized loss of approximately $0.24 million during the second quarter of 2026, which was recognized in “Other comprehensive loss. None of these investments existed in the second quarter of 2025.
For the three months ended June 30, 2025, the Company recognized a $0.05 million realized gain and a $0.11 million unrealized loss for a total of $0.06 million net loss on its interest rate swap contract. The specific contract was closed within the year 2025 and no such case existed in the second quarter of 2026.
The Company reported net income for the period of $32.6 million and net income attributable to controlling shareholders of $33.2 million, as compared to net income and net income attributable to controlling shareholders of $29.9 million for the same period of 2025. The net loss attributable to the non-controlling interest of $0.6 million in the second quarter of 2026 represents the income attributable to the 49% ownership of the entity owning the M/V Thrylos represented by the NRP investors (the “Partnership”).
Adjusted EBITDA1 for the second quarter of 2026 was $40.1 million compared to $39.3 million achieved during the second quarter of 2025.
Basic and diluted earnings per share attributable to controlling shareholders for the second quarter of 2026 was $4.77 and $4.74, calculated on 6,962,481 basic and 7,010,884 diluted weighted average number of shares outstanding, compared to basic and diluted earnings attributable to controlling shareholders per share of $4.32 and $4.29, respectively, for the second quarter of 2025, calculated on 6,917,212 basic and 6,954,709 diluted weighted average number of shares outstanding.
The adjusted earnings per share attributable to controlling shareholders for the quarter ended June 30, 2026 would have been $4.73 and $4.70 per share basic and diluted, respectively, compared to adjusted earnings attributable to controlling shareholders of $4.23 and $4.20 per share basic and diluted for the quarter ended June 30, 2025. Usually, security analysts include Adjusted Net Income attributable to controlling shareholders in their determination of published estimates of earnings per share.
First Half 2026 Results: For the first half of 2026, the Company reported total net revenues of $112.3 million representing a 1.1% decrease over total net revenues of $113.6 million during the first half of 2025. On average, the Company owned and operated 21.0 vessels during the first half of 2026, earning an average time charter equivalent rate of $30,330 per day. For the same period of 2025 the Company owned and operated 22.83 vessels that earned on average $28,468 per day.
Voyage expenses, net for the first half of 2026 amounted to $0.4 million as compared to voyage expenses, net of $0.5 million for the same period of 2025. Voyage expenses for both periods related mainly to owners’ expenses incurred in various ports.
Vessel operating expenses for the first half of 2026 amounted to $22.9 million compared to $23.7 million for the same period of 2025. The decrease is due to the lower average number of vessels owned and operated in the first half of 2026 compared to the corresponding period of 2025 partly offset by the higher daily vessel operating expenses, mainly attributable to the increased cost of vessel supplies during the period, because of the war in the Middle East region.
In the first half of 2026 none of our vessels were drydocked. The total drydock cost for the period of $0.3 million relates to supplies performed for upcoming drydocks. In the same period of 2025 three of our vessels completed extensive repairs afloat for a total cost of approximately $3.5 million.
Vessel depreciation expense for the first half of 2026 was $13.4 million compared to $15.3 million during the same period of 2025, due to the decreased number of vessels in the Company’s fleet.
Related party management fees for the first half of 2026 increased to $3.95 million from $3.90 million for the same period of 2025. Despite the lower number of vessels in our fleet, this increase is due to the adjustment for inflation in the daily vessel management fee, effective from January 1, 2026, increasing it from 840 Euros to 875 Euros, as well as due to the unfavorable movement of the euro/dollar exchange rate.
Other operating expenses of $0.44 million recognized in the first half of 2026 refer to expenses incurred for the formation of the Partnership of $0.60 million, partly offset by an operating income from a settlement and closure of a claim with a charterer of $0.16 million. For the same period of 2025, the Company recognized other operating income of $0.12 million from an insurance claim.
General and administrative expenses increased to $3.5 million for the first half of 2026, as compared to $3.2 million for the same period of 2025, due to increased professional fees and increased cost for our stock incentive plan.
The results of the Company for the first half of 2025 include a $10.2 million gain on sale of M/V “Diamantis” that was completed in January 2025. No such case existed in the first half of 2026.
Interest and other financing costs for the first half of 2026 amounted to $5.7 million. Interest and other financing costs for the first half of 2025 amounted to $7.9 million. Capitalized interest charged on the cost of our newbuilding program was $0.1 million for the first six months of 2025. This decrease is due to the decreased amount of average outstanding debt and the decreased benchmark rates of our loans in the current period compared to the same period of 2025.
For the first half of 2026, the Company recognized a $0.1 million unrealized loss on its investments in equity securities. This was the result of an investment in equity securities with an initial cost of $20.0 million acquired in the first quarter of 2026 and fair valued at $19.9 million as of the end of the reporting period. This investment was made as part of the Company’s short-term cash and liquidity management strategy, in the context of which the Company also acquired debt securities of initial cost of $20.0 million and fair valued at $18.9 million as of June 30, 2026, classified as available-for-sale under US GAAP, for which an unrealized loss of $1.1 million was recorded in “Other comprehensive loss” for the period. None of these investments existed in the second quarter of 2025.
For the six months ended June 30, 2025 the Company recognized a $0.1 million realized gain and a $0.3 million unrealized loss for a total of $0.2 million net loss on its interest rate swap contract. The specific contract was closed within the year 2025 and no such case existed in the first half of 2026.
The Company reported net income for the period of $65.1 million and net income attributable to controlling shareholders of $65.7 million, for the first half of 2026, as compared to net income and net income attributable to controlling shareholders of $66.8 million for the same period of 2025. The net loss attributable to the non-controlling interest of $0.6 million in the first half of 2026 represents the loss attributable to the 49% ownership of the Partnership.
Adjusted EBITDA1 for the first half of 2026 was $81.0 million compared to $76.4 million achieved during the first half of 2025.
Basic and diluted earnings per share attributable to controlling shareholders for the first half of 2026 was $9.44 calculated on 6,962,481 basic and $9.39, calculated on 7,001,419 diluted weighted average number of shares outstanding, compared to $9.63 calculated on 6,935,298 basic and $9.60, calculated on 6,958,398 diluted weighted average number of shares outstanding, for the same period of 2025.
The adjusted earnings per share attributable to controlling shareholders for the six-month period ended June 30, 2026 would have been $9.45 and $9.40, basic and diluted, respectively, compared to adjusted earnings per share attributable to controlling shareholders of $7.99 basic and $7.97 diluted for the same period in 2025. As mentioned above, usually, security analysts include Adjusted Net Income attributable to controlling shareholders in their determination of published estimates of earnings per share.
Fleet Profile: The Euroseas Ltd. fleet profile as of August 13, 2026 is as follows:
Note: (*) TC denotes time charter. All dates listed are the earliest redelivery dates under each TC 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 (+).
(**) Charterer has the option to convert to a five-year charter at $32,500/day for the entire period. (***) The entity owning the vessel under construction is 51% owned by Euroseas Ltd. and 49% by NRP Investors.
Summary Fleet Data:
(1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s fleet during the period divided by the number of calendar days in that period.
(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was in our possession including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.
(3) The scheduled off-hire days including vessels laid-up, vessels committed for sale or vessels that suffered unrepaired damages, are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up, or vessels that were committed for sale or suffered unrepaired damages.
(4) Available days. We define available days as the Calendar days in a period net of scheduled off-hire days as defined above. We use available days to measure the number of days in a period during which vessels were available to generate revenues.
(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.
(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.
(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.
(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.
(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period.
(11) Average time charter equivalent rate, or average TCE, is a metric of the average daily net revenue performance of our vessels. Our method of calculating average TCE is determined by dividing time charter revenue and voyage charter revenue, if any, net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, or are related to repositioning the vessel for the next charter. Average TCE, which is a non-GAAP metric, provides additional meaningful information in conjunction with time charter revenue and voyage charter revenue, if any, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. Average TCE is a standard shipping industry performance metric used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Our definition of average TCE may not be comparable to that used by other companies in the shipping industry.
(12) We calculate daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.
(13) Daily general and administrative expenses are calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period.
(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.
(15) Daily drydocking expenses are calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period, Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred.
Conference Call and Webcast: Today, Thursday, August 13, 2026 at 09:00 a.m. Eastern Time, the Company’s management will host a conference call and webcast to discuss the results.
Conference Call details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “Euroseas” to the operator and/or conference ID13762072. Click here for additional participant International Toll -Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
Audio Webcast – Slides Presentation: There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company’s website. To listen to the archived audio file, visit our website http://www.euroseas.gr and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The slide presentation for the second quarter ended June 30, 2026, will also be available in PDF format minutes prior to the conference call and webcast, accessible on the company’s website (www.euroseas.gr) on the webcast page. Participants to the webcast can download the PDF presentation.
Adjusted EBITDA Reconciliation: Euroseas Ltd. considers Adjusted EBITDA to represent net income before interest and other financing costs, net, depreciation, loss on interest rate swap derivative, net, gain on sale of vessel, amortization of fair value of below market time charters acquired and unrealized (gain) / loss on investments in equity securities. Adjusted EBITDA does not represent and should not be considered as an alternative to net income, as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance and liquidity position and because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of financial costs, loss on interest rate swaps, gain on sale of vessel, depreciation, amortization of below market time charters acquired and unrealized (gain) / loss on investments in equity securities. The Company’s definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.
Adjusted net income attributable to controlling shareholders and Adjusted earnings per share attributable to controlling shareholders Reconciliation:
Euroseas Ltd. considers Adjusted net income attributable to controlling shareholders to represent net income attributable to controlling shareholders before unrealized loss on derivative, gain on sale of vessel, amortization of below market time charters acquired, vessel depreciation on the portion of the consideration of vessels acquired with attached time charters allocated to below market time charters and unrealized (gain) / loss on investments in equity securities. Adjusted net income attributable to controlling shareholders and Adjusted earnings attributable to controlling shareholders per share are included herein because we believe they assist our management and investors by increasing the comparability of the Company’s fundamental performance from period to period by excluding the potentially disparate effects between periods of the aforementioned items, which may significantly affect results of operations between periods.
Adjusted net income attributable to controlling shareholders and Adjusted earnings attributable to controlling shareholders per share do not represent and should not be considered as an alternative to net income or earnings per share, as determined by GAAP. The Company’s definition of Adjusted net income attributable to controlling shareholders and Adjusted earnings attributable to controlling shareholders per share may not be the same as that used by other companies in shipping or other industries. Adjusted net income attributable to controlling shareholders and Adjusted earnings per share attributable to controlling shareholders are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows.
About Euroseas Ltd. 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.
The Company has a fleet of 21 vessels, including 15 Feeder containerships and 6 Intermediate containerships. Euroseas 21 containerships have a cargo capacity of 61,144 teu. After the delivery of twelve containership newbuilding containerships gradually from the third quarter of 2027 until the first quarter of 2029, Euroseas’ fleet will consist of 33 vessels with a total carrying capacity of 97,396 teu.
Forward Looking Statement This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2Q 2026 Financial Results. EuroDry Ltd. reported strong 2Q 2026 financial performance compared to the prior year period, driven primarily by a favorable dry bulk market and higher time charter equivalent (TCE) rates. Total net revenues increased 57% year-over-year to $17.7 million, while average time charter equivalent rates more than doubled to $20,398 per day compared with $10,428 per day during the prior year period. Adjusted net income attributable to controlling shareholders amounted to $6.9 million, or $2.44 per diluted share, compared to a net loss of $3.0 million, or $(1.10) per diluted share, in the prior year period. Adjusted EBITDA increased to $11.7 million compared to $1.9 million during the prior year period, reflecting strong operating leverage as TCE rates increased. We had projected 2Q revenue and adj. EBITDA of $17.4 million and $9.3 million, respectively.
Strong Operational Quarter. Fleet utilization improved to 100.0% compared to 99.3% during the prior year period, with commercial utilization at 100%, reflecting minimal downtime and effective charter execution. Vessel operating expenses declined modestly to $6,608 per day compared to $6,785 per day during the prior year period, while total operating expenses decreased to $7,444 per day compared to $7,539 during the second quarter of 2025.
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*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.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Second Quarter FY 2026 Financial Results. RAIL generated a 2Q FY26 adjusted net loss to common stockholders of $821.0 thousand, or $(0.02) per share, compared to adjusted net income of $3.8 million, or $0.11 per share, during the prior year period. Gross margin as a percentage of revenue amounted to 5.5% compared to 15.0% in 2Q FY 2025. Revenue and rail car deliveries declined to $113.1 million and 927, compared to $118.6 million and 939 during the prior year period. Adj. EBITDA amounted to $1.2 million compared to $9.3 million in 2Q FY 2025.
Updated FY 2026 Guidance. Management updated its FY 2026 guidance. Railcar deliveries are expected to be in the range of 3,500 to 3,900, revenue in the range of $410 to $460 million, and adj. EBITDA in the range of $36 to $44 million. Prior guidance projected railcar deliveries in the range of 4,000 to 4,500, revenue in the range of $500 to $550 million, and adj. EBITDA in the range of $41 to $50 million.
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*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.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. CVG delivered year-over-year revenue growth across all three segments, reflecting ongoing efforts to reduce end-market concentration in cyclical North American Class 8 truck exposure through geographic and end-market diversification. While there are still macroeconomic uncertainties to monitor, CVG is hitting its stride as new business wins are ramping coincidentally with a recovery in key end markets.
2Q26 Results. CVG reported 2Q26 revenue of $195.2 million, up from $172 million in the year-ago period, a 13.5% increase, driven by increased customer demand in international markets and the ramp of previously awarded new business wins across all three operating segments. We were at $173 million. Gross margin improved both y-o-y and sequentially to 12.9%. One-time items impacted the reported bottom line. On an adjusted basis, CVG reported a net loss of $0.13/sh, up from a loss of $0.09/sh last year, reflecting increased incentive comp expense in 2Q26 over 2Q25.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored 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.
ATHENS, Greece, July 31, 2026 (GLOBE NEWSWIRE) — EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it will release its financial results for the second quarter ended June 30, 2026, on August 6, 2026, before market opens in New York.
On the same day, Thursday, August 6, 2026, at 9:30 a.m. Eastern Time, the Company’s management will host a conference call and webcast to discuss the results.
ConferenceCalldetails: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 800-717-1738 (US Toll-Free Dial In) or +1 646-307-1865 (US and Standard International Dial In). Please quote “EuroDry” to the operator and/or conference ID 13762074.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
AudioWebcast-SlidesPresentation: There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company’s website. To listen to the archived audio file, visit our website http://www.eurodry.gr and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The slide presentation for the second quarter ended June 30, 2026, will also be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company’s website (www.eurodry.gr) on the webcast page. Participants to the webcast can download the PDF presentation.
AboutEuroDryLtd. EuroDry Ltd. was formed on January 8, 2018, under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY.
EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters.
The Company has a fleet of 11 vessels, including 3 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry’s 12 drybulk carriers have a total cargo capacity of 766,420 dwt. After the delivery of two Ultramax vessels in 2027 and the delivery of the two Kamsarmax vessels in 2028, the Company’s fleet will consist of 15 vessels with a total carrying capacity of 1,050,420 dwt.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Record Second Quarter 2026 Financial Results. Seanergy reported revenue, adj. EBITDA, and adj. EPS of $55.7 million, $41.5 million, and $1.32, respectively, compared to $37.5 million, $18.3 million, and $0.18 during the prior year period. We had projected revenue, adj. EBITDA, and adj. EPS of $54.9 million, $38.4 million, and $1.15, respectively. Second quarter financial results reflected both materially higher time charter equivalent (TCE) rates compared to the prior year quarter and lower-than-expected interest and finance costs relative to our estimates.
Updating Estimates. We have increased our FY 2026 revenue, adj. EBITDA, and adj. EPS estimates to $205.9 million, $134.2 million, and $3.70, respectively, compared to our prior estimates of $203.2 million, $131.3 million, and $3.50. Our revised estimates reflect higher time charter equivalent (TCE) rates and fewer off-hire days.
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Delivers Record Q2 Net Income of $26.2 Million and EPS/ Adjusted EPS of $1.21/ $1.32; Declares Quarterly Dividend of $0.35 Per Share, Representing the Company’s 19th Consecutive Distribution
Expands Fleet Renewal Program to $591 Million Across Eight Modern Capesize & Newcastlemax Vessels; Completes €100 Million Unsecured Bond Offering
______________________________ 1 Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure. 2 Time Charter Equivalent (“TCE”) rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.
Highlights and Developments:
Exceptional Financial Performance & Consistent Shareholder Returns — $108.4 Million Returned Since Program Inception
Record Q2 and H1 profit of $26.2 million and $35.9 million, respectively, up from $2.9 million net income and $4.0 million loss in the prior-year periods
Quarterly cash dividend of $0.35 per share, the Company’s 19th consecutive cash dividend; payout of approx. 27% of Q2 Adjusted EPS
$108.4 million of total capital returned to shareholders, comprising $63.2 million of cash dividends ($3.19 per share) and $45.2 million of share, warrant and convertible note repurchases
Disciplined Fleet Growth and Renewal – $591 million Aggregate Investment Plan
Entered into an agreement to acquire two Japanese-built Capesize vessels – a newbuilding and a modern 2022-built vessel – for aggregate consideration of approximately $130 million, both scheduled to join the fleet in early 2029
Expanded fleet renewal and growth program from six to eight modern vessels comprising seven newbuildings and one 2022-built Capesize, for an aggregate investment of approximately $591 million; four vessels to be delivered in 2027
Completed the profitable sale of the 2010-built M/V Squireship, generating approximately $13.8 million of net liquidity and a gain on sale of approximately $4.6 million, while continuing to provide technical and management services to the vessel
Secured long-term time charters with leading counterparties for the three China-built 2027 newbuildings with floor rates covering expected cash breakeven, as well as potentially significant index-linked market upside
Diversified Capital Resources — €100 Million Bond and $296.5 Million of Facilities Secured
Successfully completed a €100 million 5-year unsecured corporate bond offering in Greece, further diversifying the Company’s capital resources and supporting its fleet growth and renewal program
Fleet renewal program substantially funded: $72.6 million advanced from own funds and approximately $296.5 million of pre- and post-delivery facilities secured, alongside the €100 million bond
Strong Commercial Performance
Q2 2026 fleet TCE of $32,355 per day, an increase of 63% year over year
Estimated Q3 2026 TCE of approximately $31,0003 per day – increased H2 earnings visibility
ATHENS, Greece, July 30, 2026 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), a leading pure-play Capesize owner and operator, today reported its financial results for the second quarter and six months ended June 30, 2026, and declared a quarterly cash dividend of $0.35 per common share. This marks Seanergy’s 19th consecutive quarterly dividend under its capital return policy and reflects the Company’s strong earnings generation and disciplined approach to capital allocation.
For the quarter ended June 30, 2026, the Company generated Net Revenues of $55.7 million, compared to $37.5 million in the second quarter of 2025. Net Income and Adjusted Net Income for the quarter increased to $26.2 million and $28.5 million, respectively, compared to $2.9 million and $3.8 million, respectively, in the prior-year period. EBITDA and Adjusted EBITDA for the quarter reached $39.3 million and $41.5 million, respectively, compared to $17.4 million and $18.3 million, respectively, for the same period of 2025. The fleet achieved a daily TCE of $32,355 for the second quarter of 2026, representing a 63% year-over-year increase.
For the six months ended June 30, 2026, Seanergy generated Net Revenues of $97.8 million, Net Income of $35.9 million and Adjusted Net Income of $42.0 million, compared to Net Revenues of $61.7 million, a Net Loss of $4.0 million and Adjusted Net Loss of $1.7 million in the first half of 2025. Adjusted EBITDA increased by 165% to $69.6 million, while Adjusted EPS reached $1.96, compared to an adjusted loss per share of $0.09 in the prior-year period. Fleet TCE increased by 69% to $28,244 per day.
Cash and cash-equivalents and restricted cash, as of June 30, 2026, stood at $59.5 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges amounted to $294.9 million, compared with a fleet book value of $542.3 million, including advances paid for vessels under construction and a vessel under sales-type lease, resulting in a fleet loan-to-book value ratio of approximately 55%. Stockholders’ equity increased by $31.7 million, or 11% to $313.1 million, over the six-month period.
______________________________ 3 Blended Q3 TCE estimated on approx. 71% of Q3 available days already fixed and FFA rates as of July 28, 2026.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Seanergy delivered record results in the second quarter with Net Income of $26.2 million and Adjusted EPS of $1.32, bringing first-half Adjusted EPS to $1.96, and underscoring the strong earnings power and operating leverage of our pure-play Capesize platform.”
“Building on our solid performance, we continued to execute on our disciplined capital return policy. Our board of directors declared a quarterly cash dividend of $0.35 per share, our 19th consecutive distribution, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million in aggregate. In total, we have returned $108.4 million to shareholders since program inception, through dividends and the repurchases of shares, warrants and convertible notes.”
“We further advanced our fleet renewal strategy by agreeing to acquire two additional high-quality Japanese Capesize vessels for an aggregate consideration of approximately $130 million. These transactions consist of a scrubber-fitted newbuilding and a modern 2022-built vessel, both expected to join our fleet in 2029. These acquisitions lock in modern, fuel-efficient tonnage and scarce 2029 delivery slots ahead of an anticipated tightening in Capesize supply.”
“Our fleet renewal and growth program now comprises eight modern vessels, including seven newbuildings and one 2022-built Capesize, and represents an aggregate investment of approximately $591 million. Four of the eight vessels are scheduled to deliver in 2027, accelerating fleet renewal and earnings contribution from 2027 onward. We continue to execute selectively, pairing scarce delivery slots with disposals of older tonnage at firm valuations, while maintaining a disciplined balance sheet.”
“We have also secured multi-year employment for our three Chinese-built 2027 newbuildings with leading global counterparties, at floor rates covering expected cash breakeven plus a premium index-linked formula and profit sharing above an upper threshold. This approach materially de-risks the first phase of the program from day one of delivery while maintaining the upside potential central to our investment thesis.”
“Our successful issuance of a €100 million unsecured corporate bond in Greece diversifies our capital base and complements our existing secured financings. Its five-year non-amortizing structure provides non-dilutive, long-term capital precisely matched to the construction phase of our program, before the new vessels begin generating revenues.”
“The Capesize market continued to perform strongly during the second quarter, supported by record quarterly China iron ore imports and continued growth in bauxite trade against low fleet supply growth. Looking ahead, the market outlook remains constructive: a low orderbook against a rapidly ageing fleet, strong iron ore export growth, and resilient coal and bauxite volumes. In this context, we have fixed about 55% of our ownership days for the second half of the year at a daily rate of $30,800, providing significant earnings visibility while preserving meaningful index-linked exposure in a strong Capesize market. Additionally, based on the current FFA curve, our estimated 3Q 2026 daily TCE of approximately $31,000 further reinforces our positive earnings outlook and our ability to continue generating attractive returns in the quarters ahead.”
“Our strategic direction remains clear: deliver consistent shareholder distributions, invest strategically in modern tonnage, and preserve financial flexibility. We believe this balanced approach positions Seanergy to create meaningful long-term shareholder value.”
Company Fleet:
Fleet Data:
(U.S. Dollars in thousands)
(In thousands of U.S. Dollars, except operating days and TCE rate)
(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)
Net income / (loss) to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) represents the sum of net income / (loss), net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, (gain) / loss on forward freight agreements, net, loss on extinguishment of debt, and (gain) / loss on FX derivatives. which the Company believes are not indicative of the ongoing performance of its core operations.
EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability from period to period. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.
Adjusted Net Income / (Loss) Reconciliation and calculation of Adjusted Earnings / (Loss) Per Share
(In thousands of U.S. Dollars, except for share and per share data)
To derive Adjusted Net Income and Adjusted Earnings / (loss) Per Share, a non-GAAP financial measure, from Net Income / (loss), we adjust for dividends and undistributed earnings to non-vested participating securities and exclude non-cash items, as provided in the table above. We believe that Adjusted Net Income / (loss) and Adjusted Earnings / (loss) Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as loss on extinguishment of debt, stock based compensation, (gain) / loss on FX derivatives and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income / (loss) and Adjusted Earnings / (loss) Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.
Third Quarter 2026 TCE Rate Guidance:
As of the date hereof, approximately 71% of the Company fleet’s expected operating days in the third quarter of 2026 have been fixed at an estimated TCE rate of approximately $30,112. Assuming that for the remaining operating days of our index-linked time charters, the BCI-180 rate will be equal to $33,980 (based on the FFA curve as of July 28, 2026), our estimated TCE rate for the third quarter of 2026 will be approximately $30,9984. The following table provides the breakdown of index-linked charters and fixed-rate charters in the third quarter of 2026:
______________________________ 4 This guidance is based on certain assumptions and the Company cannot provide assurance that these TCE rate estimates, or projected utilization rates will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE rate realized will vary with the underlying index, and for the purposes of this guidance, the BCI 5TC 180 rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to $33,980 (based on the FFA curve as of July 28, 2026). Spot estimates are provided using the load-to-discharge method of accounting. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE rate will be reduced accordingly.
Second Quarter and Recent Developments:
Dividend Distribution for Q1 2026 and Declaration of Q2 2026 Dividend
On July 10, 2026, the Company paid a quarterly cash dividend of $0.20 per common share for the first quarter of 2026 to all shareholders of record as of June 29, 2026.
The Company has declared a quarterly cash dividend of $0.35 per common share for the second quarter of 2026 payable on or about October 9, 2026, to all shareholders of record as of September 25, 2026.
The Company is renewing its fleet through the addition of advanced eco-design newbuildings and modern secondhand tonnage, while selectively divesting older vessels. The seven newbuildings under the Company’s fleet renewal and growth program are designed to meet International Maritime Organization requirements for Phase 3 greenhouse gas emissions reduction (“IMO GHG Phase 3”) and Tier III nitrogen oxide emissions (“IMO NOx Tier III”) and are scrubber-fitted.
In parallel, the Company continues to implement the environmental upgrade program across its existing fleet, having invested approximately $37.3 million since 2024 in environmental upgrades, vessel improvements and dry-dockings.
Together, the fleet renewal and environmental upgrade initiatives are expected to improve fuel efficiency and reduce greenhouse gas emissions. Having completed the majority of the scheduled upgrades in prior quarters, the Company expects approximately 50 off-hire days for the remainder of 2026 in connection with scheduled dry-dockings, vessel repairs and environmental upgrades.
Fleet Update
Acquisition of Two Japanese-Built Capesize Vessels for 2029 Delivery
The Company has entered into an agreement with unaffiliated third parties to acquire two Japanese Capesize vessels for aggregate consideration of approximately $130.0 million.
The acquisitions comprise:
a 181,000 dwt scrubber-fitted Capesize newbuilding, expected to be delivered between the first and second quarters of 2029; and
a 182,162 dwt Capesize vessel built in 2022, with forward delivery expected between the fourth quarter of 2028 and the second quarter of 2029.
The Company has already paid a deposit of 5% of the purchase price for the Capesize newbuilding. The remaining balance of the purchase price shall be payable as follows: 35% in three instalments by November 2028, and the remaining 60% upon delivery of the vessel. Concerning the 2022-built Capesize vessel, the agreement involves a 10% advance payment, while the remaining 90% of the purchase price will be payable upon the vessel’s delivery.
The newbuilding vessel will incorporate advanced eco-design features, intended to enhance fuel efficiency and reduce emissions. Together, the two acquisitions will add modern high-quality tonnage at a delivery point, which is aligned with the next phase of the Company’s fleet renewal strategy and expected requirements.
To date, the Company has already paid $72.6 million for its newbuilding and fleet renewal program while maintaining a strong liquidity position.
Sale of M/V Squireship
In June 2026, the Company delivered to United Maritime Corporation, a related party, the 170,018 dwt M/V Squireship, built in 2010. The gross sale price was approximately $29.5 million, generating net proceeds of about $13.8 million. Seanergy continues to provide technical and management services to the vessel, facilitating the continuation of the vessel’s existing commercial employment.
Commercial Updates
Long-Term Time Charters for Three 2027-Delivery Newbuildings
In July 2026, the Company entered into multi-year time charter agreements for three scrubber-fitted Capesize newbuildings scheduled for delivery between the second and fourth quarters of 2027.
Two of our vessels to be delivered in 2027, to be named M/V Primeship and M/V Chrysship, have each been chartered for a period of five years to a leading European operator, with three optional extension periods of minimum 10 to maximum 14 months each. The third vessel, a 181,000 dwt Capesize vessel scheduled for delivery in the fourth quarter of 2027 has been chartered for four years to a major mining company, with two optional extension periods of about 11 to about 13 months. The charters are expected to commence upon the respective delivery of each vessel.
The agreements provide for average floor rates of approximately $23,100 per day, designed to cover the vessels’ estimated cash breakeven levels. Above the floor, hire is calculated at a significant premium over the BCI-180 up to an average upper threshold of approximately $29,750 per day. Above the upper threshold, incremental earnings based on the same premium over the BCI-180 are shared equally between Seanergy and the respective charterer.
M/V Kaizenship – New Time Charter agreement
In July 2026, the Company entered into a new time charter agreement with Oldendorff Carriers GmbH & Co. KG (“Oldendorff”) for the M/V Kaizenship, for a period of about 18 to about 28 months. The new time charter agreement with Oldendorff is expected to commence in August 2026. The daily hire is based on the 5 T/C routes of the BCI, with an option for the Company to fix the rate for 1 to 16 months based on the prevailing Capesize FFA curve.
M/V Blueship – New Time Charter agreement
In June 2026, the Company entered into a new time charter agreement with Nippon Yusen Kabushiki Kaisha (“NYK”) for the M/V Blueship, for a period of about minimum 14 to about maximum 17 months. The new time charter agreement with NYK is expected to commence in November 2026, in direct continuation of the maximum period of the current charter. The daily hire is based on the 5 T/C routes of the BCI along with a fixed daily premium, with an option for the Company to fix the rate for 2 to 12 months based on the prevailing Capesize FFA curve.
M/V Fellowship – Time Charter Extension
In July 2026, the existing charterer exercised its option to extend the time charter agreement for the M/V Fellowship until a minimum of January 2028 and a maximum of March 2028, with the extension commencing immediately upon the expiration of the current charter period.
M/V Friendship – Time Charter Extension
In June 2026, the existing charterer of the vessel exercised its option to extend the time charter agreement for M/V Friendship by six months beyond the current minimum/maximum charter period, in direct continuation from the previous agreement.
Financing Updates
Successful Completion of €100 Million Five-Year Unsecured Corporate Bond Offering
In July 2026, Seanergy successfully completed a €100 million unsecured bond offering to investors in Greece (ATHEX: SHIPB1). The bonds were admitted to trading on the Fixed Income Securities Segment of Euronext Athens Holding S.A. on July 13, 2026.
The bonds were issued at par, mature in July 2031 and carry a coupon of 4.90% per annum, payable semi-annually. The five-year bullet structure involves no scheduled principal amortization before maturity, preserving liquidity during the construction phase of the Company’s newbuilding program.
Newbuilding Capesize vessel – Sale and Leaseback agreement
The Company has agreed to enter into a $60.0 million sale and leaseback agreement to partially finance the acquisition of the Capesize vessel scheduled for delivery in the fourth quarter of 2027. The agreement also provides pre-delivery financing for certain instalments under the shipbuilding contract. Upon delivery, the vessel will be sold and chartered back for a period of 84 months. The Company will have continuous purchase options at predetermined prices as set forth in the agreement, commencing two years after the charter commencement date. The charterhire principal will amortize in 28 quarterly instalments of $0.7 million along with a purchase option of $40.0 million at the expiry of the bareboat charter. The pre-delivery financing amounts will accrue interest, payable quarterly in arrears.
Conference Call:
The Company’s management will host a conference call to discuss financial results on July 30, 2026, at 10:00 a.m. Eastern Time.
Audio Webcast and Earnings Presentation:
There will be a live, and then archived, webcast of the conference call and accompanying presentation available through the Company’s website. To access the presentation and listen to the archived audio file, visit our website, following the Webcast & Presentations section under our Investor Relations page. Participants to the live webcast should register on Seanergy’s website approximately 10 minutes prior to the start of the webcast, following this link.
Conference Call Details:
Participants have the option to register for the call using the following link. You can use any number from the list or add your phone number and let the system call you right away.
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company owns or operates under finance leases 19 vessels (2 Newcastlemax and 17 Capesize) with an average age of approximately 15.1 years and an aggregate cargo carrying capacity of 3,463,843 dwt. Upon the sale of the M/V Dukeship and the delivery of the seven newbuilding vessels and one secondhand Capesize vessel, the Company will own or operates under finance lease 26 vessels (3 Newcastlemax and 23 Capesize), with an aggregate cargo carrying capacity of approximately 4,763,552 dwt.
The Company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including with respect to declaration of dividends, market trends and shareholder returns. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks arising from trade disputes between the U.S. and China, including the re-imposition of reciprocal port fees; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between the U.S. and Israel and Iran, the U.S. and Venezuela, China and Taiwan and Russia and Ukraine; risks associated with the length and severity of pandemics; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Updating Estimates. We have adjusted our second-quarter 2026 revenue, adj. EBITDA, and adj. EPS estimates to $17.4 million, $9.3 million, and $1.44, respectively, from $17.3 million, $8.4 million, and $1.18. Our estimates reflect modestly higher time charter equivalent rates and lower voyage expenses due to lower fuel costs. For FY 2026, we forecast revenue, adj. EBITDA, and adj. EPS of $66.0 million, $31.9 million, and $4.27, respectively, compared to our previous estimates of $65.3 million, $30.5 million, and $3.87.
Intermediate-Term Outlook Remains Constructive. The intermediate-term outlook for the dry bulk shipping industry remains favorable, supported by strengthening charter rates, resilient demand for iron ore, grain, and bauxite, and a highly supportive supply backdrop. A historically low order book, limited shipyard capacity, an aging global fleet, and increasingly stringent environmental regulations are expected to constrain vessel supply growth and support freight rates through 2026. While the 2027 outlook offers less certainty, EuroDry has the flexibility to respond to market conditions by increasing its fixed-rate charter coverage.
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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.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Updating Estimates. We have increased our 2Q 2026 revenue, adj. EBITDA, and adj. EPS estimates to $54.9 million, $38.4 million, and $1.15, respectively, from $50.0 million, $35.2 million, and $1.00. Our estimates reflect higher time charter equivalent rates than previously estimated. Moreover, we have lowered our estimates for vessel operating expenses in the second quarter and increased our estimate for general and administrative expenses in the second and third quarters. For FY 2026, we forecast revenue, adj. EBITDA, and adj. EPS of $203.2 million, $131.3 million, and $3.50, respectively, compared to our previous estimates of $198.3 million, $130.2 million, and $3.45.
Constructive Outlook. Seanergy’s outlook remains constructive, supported by favorable Capesize market fundamentals, a disciplined capital allocation strategy, and a multi-year fleet modernization program that positions the company to benefit from what we think will be a structurally attractive market through 2029. Following a strong first quarter in which the company reported significantly higher earnings and cash flow, we expect the momentum to continue, with second quarter time charter equivalent (TCE) rates projected to be approximately $31,430 per day.
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This Company Sponsored 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.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Acquisition of Southern Parts & Equipment, Inc. FreightCar America announced the acquisition of Southern Parts & Equipment, Inc., a Monroe, Georgia-based distributor of reconditioned, new, and used railcar parts and equipment. The transaction, funded with cash, represents the company’s second acquisition in the railcar aftermarket segment within the past year.
A Growing Aftermarket Platform. The acquisition advances RAIL’s strategy of building a larger, more diversified aftermarket business that generates recurring revenue and reduces the cyclicality of new railcar manufacturing. Founded in 1988, SP&E has established a strong reputation serving railcar repair shops and private railcar owners. The transaction expands FreightCar’s customer base, enhances sourcing capabilities, and creates additional cross-selling opportunities across its growing aftermarket platform.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored 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.
GLYFADA, Greece, July 08, 2026 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today the pricing of the offering of €100 million of unsecured bonds (the “Bonds”) to investors in Greece. The Bonds will be admitted to trading on the Fixed Income Securities Segment of Euronext Athens Holding S.A. (“Euronext Athens”).
The Bonds mature in July 2031, were issued at par and carry a coupon of 4.90% per annum, payable semi-annually. Settlement is expected on July 10, 2026 and trading is expected to commence on July 13, 2026.
The proceeds are expected to be used to finance part of the cost of newbuilding vessels and/or second-hand vessel acquisitions, as well as for general corporate and working capital purposes. Offering expenses are estimated at approximately €4.4 million.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“We are very pleased with the successful completion of this offering, which represents an important milestone for Seanergy in the Hellenic capital markets.
“We sincerely thank the Hellenic investment community for its strong confidence in our strategy and long-term prospects.
“The Bonds provide meaningful non-dilutive capital, diversifying further our capital structure, while supporting the disciplined execution of our fleet growth strategy.”
The Bonds have not been and will not be registered under the Securities Act of 1933, as amended or the securities laws of any state of the United States, and, subject to certain exceptions, may not be offered or sold within the United States. The offering of Bonds is not directed to, and may not be accessed by, any person located in the United States. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Bonds, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
AboutSeanergyMaritimeHoldingsCorp.
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company owns or finance leases 19 vessels (2 Newcastlemax and 17 Capesize) with an average age of approximately 15.0 years and an aggregate cargo carrying capacity of approximately 3,463,843 dwt. Upon completion of the sale of the M/V Dukeship and the delivery of the newbuilding vessels, the Company is expected to own or finance lease 24 vessels (3 Newcastlemax and 21 Capesize), with an aggregate cargo carrying capacity of approximately 4,400,390 dwt.
The Company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including with respect to the consummation of and use of proceeds of the offering of Bonds. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks arising from trade disputes between the U.S. and China, including the re-imposition of reciprocal port fees; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between the U.S. and Israel and Iran, the U.S. and Venezuela, China and Taiwan and Russia and Ukraine; risks associated with the length and severity of pandemics; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact: Seanergy Investor Relations Tel: +30 213 0181 522 E-mail: [email protected]
Capital Link, Inc. Paul Lampoutis 230 Park Avenue Suite 1540 New York, NY 10169 Tel: (212) 661-7566 E-mail: [email protected]
Anna Wichmann Capital Link Athens Tel: +30 210 6109 800 E-mail: [email protected]
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
First Raise. Commercial Vehicle Group reported that it has made the first raise under the recently announced $25 million Capital on Demand agreement. As of June 29, 2026, the Company had sold 2.6 million shares of common stock in the ATM Program, generating net proceeds of approximately $11.6 million.
Use of Proceeds. As required by the Company’s secured term loan facility, all net proceeds were used by the Company to pay down outstanding indebtedness and the associated prepayment premium under the facility. As we noted previously, as of June 17, 2026, outstanding indebtedness under the Term Loan was $80 million. The Term Loan matures in June 2030 with a current interest rate of 13.47%. Any reduction in the outstanding loan balance is a positive for the Company, in our view, not only reducing high-cost debt but also eventually providing additional financial flexibility.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored 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.
