Wednesday, November 19, 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.
Third quarter financial results. Total net revenues for the third quartertotaled $56.9 million, a 5.1% increase year-over-year, but modestly lower than our estimate of $59.2 million. Adjusted EBITDA and EPS were $38.8 million and $4.23, respectively, below our estimates of $41.7 million and $4.40. The lower-than-expected results were due primarily to a greater number of scheduled off-hire days and expenses associated with a special survey and drydock completed on one vessel during the quarter. Total operating expenses amounted to $24.4 million compared to $23.5 million during the prior year period and our $23.1 million estimate. Drydocking expenses were $2.7 million compared to our estimate of $0.6 million.
Revenue and earnings visibility into 2026. With 100% of Q4 2025 operating days secured at an average rate of ~$30,345 per day and 74.7% of 2026 days already covered at higher average rates of ~$31,300 per day, Euroseas has locked in substantial revenue visibility. This robust charter coverage not only underpins earnings but also provides a strong buffer against rate volatility, positioning the company to benefit from sustained high utilization into 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.