Tuesday, January 21, 2025
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Sale of the M/V Diamantis P. A wholly owned subsidiary of Euroseas sold the M/V Diamantis P for ~$13.2 million and delivered the vessel to its new owners on January 15. Recall that the Diamantis P is a feeder containership that was built in 1998. The transaction is expected to result in a gain on sale of ~$10.2 million.
Spin-off transaction. Recall that Euroseas announced its intention to spin off three of its subsidiaries, two owning the M/V Aegean Express and M/V Joanna, and one that owned the M/V Diamantis P (prior to its sale) into Euroholdings Ltd. In exchange, Euroseas will receive 100% of the shares of Euroholdings Ltd., which will then be distributed to its shareholders (please refer to our note dated January 3 for transaction details).
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