Transportation Archives

Euroseas (ESEA) – Favorable Time Charter Contract for the M/V Jonathan P

Posted on September 15, 2025September 15, 2025 by slightbourne@noblecapitalmarkets.com

Monday, September 15, 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, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New time charter contract. Euroseas Ltd. announced a new time charter for the M/V Jonathan P at a gross daily rate of $25,000 for a minimum of 11 months, with an option to extend to a maximum of 12 months at the charterer’s option. The charter will commence on November 17th.

Attractive rate and improved charter coverage. The new contract is in direct continuation of the current charter and represents a $5,000 per day increase. It is expected to contribute approximately $5.7 million in EBITDA over the minimum contract period and raise Euroseas’ charter coverage to 100% for the remainder of 2025 and 70% for 2026.

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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.

Euroseas (ESEA) – Two New Vessels to be Delivered in 2028

Posted on August 26, 2025August 26, 2025 by slightbourne@noblecapitalmarkets.com

Tuesday, August 26, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Two new orders. Euroseas Ltd. executed a contract for the construction of two modern fuel-efficient 4,300 twenty-foot-equivalent unit container vessels that are expected to be delivered in March and May of 2028. The vessels will cost approximately $59.25 million each and will be financed with a combination of debt and equity. Currently, Euroseas has a fleet of 22 vessels, including 15 feeder containerships and seven intermediate containerships, with a cargo capacity of 67,494 twenty-foot equivalent units (TEU). After the sale of the M/V Marcos V and the delivery of four intermediate containerships in 2027 and 2028, Euroseas’ fleet will consist of 25 vessels with a total carrying capacity of 78,344 TEU.

Commitment to growth and modernization. The most recent orders demonstrate Euroseas’ commitment to growing and modernizing its fleet. Management believes that investing in eco intermediate-sized containerships, a segment with a low orderbook and an aging existing fleet, will enhance the company’s competitive position, enable it to capitalize on future market opportunities, and create value for shareholders.

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Euroseas (ESEA) – Second Quarter Financial Results Exceed Expectations; Increasing Estimates

Posted on August 15, 2025August 15, 2025 by slightbourne@noblecapitalmarkets.com

Friday, August 15, 2025

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 financial results. Total net revenues for the second quartertotaled $57.2 million, a 2.5% decrease year-over-year, but slightly higher than our estimate of $56.7 million. Adjusted EBITDA and EPS were $39.3 million and $4.20, respectively, above our estimates of $38.5 million and $3.87. The better-than-expected results were due to higher time charter equivalent (TCE) rates of $29,420 per day compared to our estimate of $28,502 per day, along with modestly lower-than-expected operating expenses of $23.9 million compared to our estimate of $24.7 million.

Market outlook. TCE rates for feeder vessels increased 8% in the second quarter due to limited vessel availability and robust demand. While the global containership orderbook remains high, the feeder and intermediate segments have a much smaller pipeline of just 4 to 8%, offering some insulation from the potential negative impact of an oversupplied market. Ongoing Red Sea conflicts have further supported rates by prompting Suez Canal re-routings and increasing distance. Although U.S. trade policies cloud visibility, we expect TCE rates to remain strong through year-end 2025 and into 2026.

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EuroDry (EDRY) – Weak Second Quarter, Better Results Expected Ahead

Posted on August 13, 2025August 13, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, August 13, 2025

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 and under pool agreements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second quarter financial results. EuroDry generated Q2 net revenues of $11.3 million, in line with our $11.4 million estimate but down about $6 million year-over-year due to a decline in average time charter equivalent (TCE) rates. Adjusted EBITDA of $1.9 million and a loss per share of $1.10 per share were better than our forecasts of $1.6 million and a loss of $1.23 per share, aided by lower voyage expenses, but trailed last year’s $5.0 million and $0.17 loss.

Market Outlook. The dry-bulk market saw a brief improvement in the second quarter as rates recovered from early-year lows, though momentum slowed later in the period amid trade policy developments and softer Chinese import activity. However, since the start of the third quarter, rates have improved, and the IMF slightly raised its 2025 global GDP guidance. Red Sea disruptions have continued to extend voyage distances, and demand has picked up slightly based on improved sentiment toward growth in China. The orderbook remains near historical lows, so while rates hover below 2024 levels, we expect the recent improvement to hold for the remainder of the year.

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Sky Harbour Group (SKYH) – Pre-Leasing Momentum Reinforces Competitive Moat

Posted on August 13, 2025August 13, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, August 13, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q2 slightly below forecast. Sky Harbour reported Q2 revenue of $6.6 million and an adj. EBITDA loss of $3.0 million, both below expectations. Despite the shortfall, development milestones were notable with new long-term ground leases signed at Hillsboro (HIO) and Stewart (SWF), reinforcing execution on its expansion strategy.

Expansion on track. The company began pre-leasing at IAD and BDL (both pre-construction) at strong average rates of $47.06 per square foot, underscoring brand strength and tenant confidence. With DVT and ADS operational and leasing underway, management reiterated its goal of securing five additional long-term leases by year-end, which would bring the total to 23.

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Seanergy Maritime (SHIP) – Second Quarter Rebound, Raising Estimates

Posted on August 7, 2025August 7, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, August 07, 2025

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in 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”.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second quarter results. Seanergy reported second quarter net revenue of $37.5 million, ahead of our estimate of $36.5 million, driven by modestly higher time charter equivalent (TCE) rates. Operating expenses were in line with expectations, resulting in adjusted EBITDA of $18.3 million and EPS of $0.18, both ahead of our prior estimates of $16.7 million and $0.11.

Market outlook. The Capesize market returned to profitability in the second quarter, with improving demand fundamentals due to projects in both the Atlantic basin and West Africa. We expect elevated iron ore and bauxite volumes to support demand through the remainder of 2025 and into 2026, resulting in increased ton-miles. Additionally, limited fleet growth is expected to support profitable rates.

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FreightCar America (RAIL) – Better Than Expected Second Quarter Financial Results

Posted on August 6, 2025August 6, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, August 06, 2025

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 financial results. FreightCar America generated adjusted net income of $3.8 million or $0.11 per share, compared to our estimate of $2.0 million or $0.06 per share. Second quarter revenue of $118.6 million exceeded our estimate of $100.6 million. Rail car deliveries were 939 units compared to 1,159 units during the prior year period and our estimate of 850. The year-over-year decline was attributed to a strategic shift in the product mix toward higher-margin rail cars. As a percentage of revenue, second quarter gross margin increased to 15.0% compared to 12.5% during the prior year period and our 12.7% estimate. Adjusted EBITDA amounted to $10.0 million compared to our $8.8 million estimate and represented an EBITDA margin of 8.4%.

Updating estimates. We are increasing our 2025 adjusted EBITDA and EPS estimates to $47.3 million and $0.54, respectively, from $45.9 million and $0.47. Our 2026 EBITDA and EPS estimates have increased to $53.2 million and $0.64, respectively, from $48.6 million and $0.53. While our estimates reflect higher gross margin as a percentage of revenue, they also reflect increased sales, general, and administrative expenses.

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Commercial Vehicle Group (CVGI) – Post Call Commentary

Posted on August 6, 2025August 6, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, August 06, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Positives. There were a number of positives in the quarter, such as the 120 bp sequential improvement in gross margin, strong FCF generation, improved top line performance in Electrical Systems, and higher adjusted operating income in both Seating and Electrical Systems, reflecting benefits from prior restructuring actions.

But End Markets. In spite of the operating successes, CVG’s end markets remain challenged. It appears the much hoped for rebound in the Class 8 truck market will not occur in 2026, with only modest improvement in 2027. Still early days for these types of forecasts, but the Class 8 truck market is still 40% of revenue. And no real change in the Ag and Construction markets, which remain soft.

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FreightCar America (RAIL) – Second Quarter Financial Results Exceed Expectations

Posted on August 5, 2025August 5, 2025 by slightbourne@noblecapitalmarkets.com

Tuesday, August 05, 2025

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.

Favorable outlook. During the second quarter, RAIL received 1,226 new rail car orders valued at $106.9 million. With a backlog of 3,624 units valued at $316.9 million, we expect deliveries to accelerate throughout the year. During the quarter, RAIL increased utilization across its four production lines, enhanced productivity, and benefited from a higher-margin product mix. The company is advancing its growth strategy by investing in its tank car capabilities, which it expects to strengthen its cost position and support long-term accretive growth.

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FreightCar America (RAIL) – Updating Our Forward Estimates and Increasing our PT

Posted on July 24, 2025July 24, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, July 24, 2025

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.

Increasing longer-term rail car delivery estimates. While we have maintained our rail car delivery estimates for 2025 through 2027, we have increased our delivery estimates for 2028 through 2030. We now forecast rail car deliveries of 5,500, 5,750, and 6,000, respectively, compared with our prior estimates of 5,000, 5,000, and 5,000. While we had previously assumed that RAIL would operate four production lines with an aggregate capacity of 5,000 rail cars through 2030, we now assume the company will operate five production lines with a total capacity of 6,250 rail cars beginning in 2028. Our prior assumption had been that the company could begin producing a new line of higher-margin tank cars using existing capacity at the expense of lower margin products. Because we think tank cars could add an incremental 500 or more orders beginning in 2028, the tank cars would be incremental to existing orders with five production lines.

Updating earnings estimates. We forecast 2025 EBITDA and EPS of $45.9 million and $0.47, respectively, while our 2026 estimates are $48.6 million and $0.53. While our 2025 and 2026 EBITDA estimates are unchanged, we have increased our forward estimates, which may be found in the financial model at the end of this report. While our earnings estimates have increased, gross margin as a percentage of sales remains unchanged at 13.0%, 13.3%, 13.5%, and 13.8% in 2027, 2028, 2029, and 2030, respectively, while selling, general, and administrative expense as a percentage of sales increased modestly.

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Seanergy Maritime (SHIP) – Updating Estimates and Market Outlook

Posted on July 24, 2025July 24, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, July 24, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second Quarter 2025 Estimate Revisions. We are raising our Q2 2025 net revenue forecast to $36.5 million from $35.9 million, driven by stronger-than-expected time charter equivalent (TCE) rates. However, we are lowering our adjusted EBITDA and EPS estimates to $16.7 million and $0.11, respectively, from $17.3 million and $0.17, reflecting higher operating expenses of $29.1 million versus $27.5 million previously. The increase reflects a full quarter of the expanded fleet as well as higher-than-expected dry-docking activity.

Full-Year 2025 Estimate Changes. We are increasing our 2025 revenue forecast to $143.4 million from $142.9 million, as we expect improving rate momentum to continue through year-end. We are also raising our operating expense estimate to $113.9 million from $109.4 million, reflecting a greater number of anticipated dry-docking days. As a result, we are lowering our adjusted EBITDA projection to $67.7 million from $70.5 million and our EPS estimate to $0.51 from $0.74.

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Euroseas (ESEA) – Increasing 2025 Estimates

Posted on July 24, 2025July 24, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, July 24, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Updating second quarter estimates. We are raising our second quarter revenue and adjusted earnings per share estimates to $56.7 million and $3.87, respectively, from $54.0 million and $3.45. Additionally, we are increasing our adjusted EBITDA estimate to $38.5 million from $35.0 million. The upward revisions are driven by stronger-than-expected time charter equivalent (TCE) rates.

Full-year 2025 estimates. For the full-year 2025, we expect higher revenues and adjusted earnings per share estimates of $228.5 million and $15.47, respectively, up from $225.6 million and $15.05. We are raising our operating expense estimates to $83.0 million from $81.7 million, due to higher dry-docking expenses. Our full year adjusted EBITDA estimate has been increased to $153.1 million from $149.2 million. The increases in our estimates are largely due to higher TCE rates.

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EuroDry (EDRY) – Revising 2025 Estimates

Posted on July 24, 2025July 24, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, July 24, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second quarter estimates. We are lowering our Q2 2025 revenue and adjusted earnings per share estimates to $11.4 million and a loss of $1.23, respectively, from $14.1 million and a loss of $0.76. Additionally, we are reducing our operating expenses to $13.0 million from $14.4 million, as dry docking expenses have been pushed into the third quarter. Despite lower operating expenses, we are decreasing our adjusted EBITDA estimate to $1.6 million from $2.9 million. The decrease in our earnings estimates is mainly due to lower-than-expected time charter equivalent (TCE) rates.

Full-Year 2025 estimates. We are lowering our 2025 revenue and adjusted earnings per share estimates to $46.0 million and a loss of $4.41, respectively, from $50.3 million and a loss of $3.79. We are trimming our operating expenses to $51.4 million from $51.8 million, due to lower expected voyage expenses. Our adjusted EBITDA estimates were lowered to $5.6 million from $9.3 million. The lower estimates are driven by soft market rates.

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