Euroseas (ESEA) – Webinar Highlights Strong Market and High Forward Cover

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Friday, January 14, 2022

Euroseas (ESEA)
Webinar Highlights Strong Market and High Forward Cover

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables; and drybulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers. As of March 31, 2017, it had a fleet of seven containerships; and six drybulk carriers, including three Panamax drybulk carriers, one Handymax drybulk carrier, one Kamsarmax drybulk carrier, and one Ultramax drybulk carrier. The company was founded in 2005 and is based in Maroussi, Greece.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Container outlook remains strong. In a webinar hosted by Capital Link, CEO Aristides Pittas and CFO Tasos Aslides highlighted positive macro and micro trends. The macro outlook for the container market looks solid based on firm demand and upcoming emission regulations despite the high order book. Recent and upcoming fixtures at high TCE rates create high visibility into next year, and, absent acquisitions, shareholder friendly moves are highly probable with a stock buy back particularly attractive at the current stock price.

    Fine tuning our 2021 EBITDA estimate to $55.5 million from $53.9 million based on TCE rates of $18.7k/day, up from $18.6k/day.  Higher fixture assumptions have positive impact on 2022 EBITDA estimate. We are moving our 2022 EBITDA estimate to $114.8 million from $109.4 million based on TCE rates of $29.4k/day, up from $28.5k/day …



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. 

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