|
|
|
|
Tuesday, October 1, 2019
Euroseas (ESEA)
One Good Contract But Rest of the Fleet Not Following…Yet.
Euroseas (ESEA) operates a fleet of 15 container ships (14 feeders and one intermediate) in the container shipping markets following the closing of a four feeder container vessel acquisition in early August 2019. Euroseas’ operations are managed by Eurobulk Ltd., an affiliated ship management company, and Eurobulk FE (Far East) Ltd, which are responsible for the day-to-day commercial and technical management and operation of the fleet. Euroseas employs the fleet on mainly on spot and time period charters.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Attractive contract announced. Akinada Bridge, the only intermediate container vessel, has received a 10-13 month charter at $16.5k beginning in mid-4Q2019. Once a ballast water treatment system (BWTS) is installed during a dry dock, the charter rate will move up to $16.5k from $8.5k. The $2.5 million cost of the BWTS/dry dock will be funded by a loan from the major shareholder.
- Feeder fleet mixed. Similar to earlier this year when almost every containership rolled onto new contracts at lower rates, two feeders recently rolled to lower rates, including the…
Get full report on Channelchek desktop.
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 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.